Category Archives: Submitting an offer to buy with a 203k

Guest Columnist: How A HUD Consultant’s Inspection Differs From A Standard Home Inspection

    How Does a HUD 203k Loan Inspection Differ from a Standard Home Inspection? When homeowners ask me if my inspection as a 203k loan consultant can take the place of a standard home inspection, I usually tell them that is does not.  There are several reasons it doesn’t, but the main one is […]

How To Qualify For A 203k Loan

Pic Credit to Digitalart   How to qualify for a 203k loan. A 203k loan isn’t any more difficult to qualify for a regular FHA loan or conventional loan.  You have to give the same income, asset and liability documentation and as long as you have at least a 3.5% down payment you can be […]

203K Loan HUD Consultants and General Contractor Conflicts

Quick tip on 203k loans in regards to HUD Consultant and general contractor conflicts:  As a potential home buyer, make sure that the HUD Consultant and the General Contractor who is doing the repairs and upgrades to the property, are not the same person.  The HUD Consultant is supposed to be an independant third party […]

203k Loan Advice, Get A Contractor Bid Before You Write An Offer

In regards to the 203k loan advice, I don’t know everything and I don’t pretend to, but I know more than most.  However lately I’ve been receiving calls from troubled borrowers who have started a 203k loan with another lender and it’s falling apart and they need help keeping their deal together. One of the main issues […]

Can The 203k Loan Be Used For Conventional Financing?

Pic credit to jscreationz Can the 203k Loan Be used For Conventional Financing?The quick answer is no.  The 203k loan is an FHA loan product and can not be used for conventional loan financing. There are other financing options for conventional financing such as the FNMA Homepath Renovation loan.  The 203k loan is basically a modified […]

Realtors And The 203k Loan. Why Do They Dislike It?

The 203k loan is like taboo to some Realtors, they dislike it.  To the 20 year experienced Realtor the 203k loan may be looked at as a loan that is problematic and associated with fraud. Realtors who have been in business for 10 years or more may have never seen the need for the 203k […]

Structuring An Offer With A 203k Loan

  OK, I’ve heard many reasons why a Realtor or REO lender won’t accept a 203k loan contract offer.  How do we combat this?  We have a qualified homebuyer but their choice of financing is an issue.  The main roadblocks are that the loan takes too long to fund, and that Realtors have heard nightmares about past […]

Need a remodeling home loan? Think 203k loan.

At a networking event a contractor told me that his business was way down this year because obtaining financing or an equity loan is so difficult these days.  He still gets big jobs like room additions but the smaller jobs that keep him afloat between the big jobs is almost non-existent. The contractor had never heard of the […]

Realtors Battling Sellers Over Fixits-Why?

I viewed a hilarious Realtor blog video today that I had to share. The Realtor was fired by the seller because their home didn’t sell. The Realtor went on to say that he supplied the seller with a list of fixits. The seller didn’t do any of them and their home didn’t sell in its […]

How to Sell a Home with Broken Windows

The ever increasing number of foreclosure and short sale properties hitting the market are causing some problems when it comes to selling. Some of these properties have some issues that appear minor but become major issues when it comes to a lender allowing a loan to be put on the property. The property may not […]