Profile picture for jag4849

How hard is it to get a 203K mortgage? Do you have to have perfect credit?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 06 2011 - South Tacoma
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

[Spam deleted by Zillow moderator.]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 24
To answer specifically the question of "How hard is it to get a 203K mortgage?", would be easy to answer if you knew all the ingredients that go into this soup we call a "Renovation Loan".

The fact is, they can be quite cumbersome.  I have closed over 3,000 of them myself over the last 17 years and I have to say, some have been real challenges.  There are many moving parts and people involved in some/all of these loans:  Inspectors, specialist inspectors, county/city, zoning, contractors (GC or multiple), appraisers, draw inspectors.... the list goes on.

The fact is your experience is most likely measured by your choice of professional you choose to work with.  Working with someone experienced will help you navigate the pitfalls sometimes associated with this loan and making the transaction smooth for you. 

All in all, the FHA 203k can be a wondeful tool for you to purchase that not so perfect home and make it yours. 

Best of luck to you.

Should you like to chat about me personally helping you, feel free to look up my contact information in my profile.

;)
b
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 12 2011
Qualifying for an FHA 203k Mortgage is no different compared to qualifying for the traditional FHA Mortgage, called the 203b. So, if you qualify for traditional FHA, you can qualify for 203k.

Perfect credit is not required. HUD/FHA guidelines will allow a FICO as low as 500 with 10% down and 580 with 5%. However, most lenders, not all, have overlays that want a 620 FICO for FHA loans.

Christine Whelpley - Your statement is incorrect that the 203k requires the property " to have enough significant repairs to qualify." The 203k Streamline can be used for cosmetic items even if the property is in otherwise good condition (Mortgagee Letter 05-50). Also, the Standard/Full 203k can be used for cosmetic items as long as there are at least $5,000 of more important items to address. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 07 2011
Gene Williams is correct. The credit score requirement is the same as a general FHA loan. 203K loans are just about including the cost of needed home repairs in your mortgage.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 06 2011
I believe you have to find a home that's eligible for it [meaning, it needs to have enough significant repairs to qualify] however, you need to have good credit to get any kind of loan and it should be along the same lines as a regular mortgage. You would then just take a contractor out to see the home, make an estimate of the damages and submit it to the bank.

 I would recommend you talk to a local lender that provides those types of loans to get a more personalized experience. Here in FL that's how it works usually but it may differ from state to state.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 06 2011
Not at all. You need a credit score of 640 and other than that, the requirements are fairly attainable. Check with your local lender for more information, but a 203K loan can be a great option.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 06 2011
 
Related Questions
How hard is it to get a 203K mortgage? Do you have to have perfect credit?
Profile picture for Becky Johnson
Latest answer by Becky Johnson
June 24 | 6 answers
  • Asked by jag4849
  • In Mortgage
  • December 06 2011
What can I do to get more (or better) quotes for my loan request ZR-HZCKMVD?
Profile picture for Jim Martin, CMC, Crms
Latest answer by Jim Martin, CMC, Crms
February 28 | 5 answers
We would like a mortgage lender from Washington State if possible, can that be done?
Profile picture for Dan Tabit
Latest answer by Dan Tabit
August 30 2010 | 5 answers
  • Asked by house_of_linn
  • In Refinance
  • August 26 2010
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 5028 S M St, Tacoma, WA Home For Sale
    5028 S M St, Tacoma, WA 98408

     For Sale: $209,950

    • Beds: 3
    • Sqft: 1924
    • Baths: 2.0
    • Lot: 6250
  2. 3605 S Mason Ave, Tacoma, WA Home For Sale
    3605 S Mason Ave, Tacoma, WA 98409

     For Sale: $169,900

    • Beds: 4
    • Sqft: 1452
    • Baths: 1.0
    • Lot: 5501
  3. 2952 S Proctor St, Tacoma, WA Home For Sale
    2952 S Proctor St, Tacoma, WA 98409

     For Sale: $127,900

    • Beds: 3
    • Sqft: 1372
    • Baths: 3.0
    • Lot: 2866