Pic Credit to Digitalart 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 considered for a 203k loan. You don’t [...]
Tag Archives: 203k loan
Using the 203k Loan For Multiple Unit Properties
January 19, 2012 – 7:46 pm
Yet another way to use the 203k loan. A home buyer can purchase and remodel up to a four unit building as long as it is to be owner occupied. Again no investors allowed. The FHA 203k maximum loan limits on units is higher than for a single family unit, you just have to [...]
203k Loans Do It Yourself Fix-Its Not Always Allowed
May 24, 2011 – 7:47 pm
A 203k loan may be alluring to a do it yourself handyman. You get buy a home in need of repair and get a fixer upper home loan, the 203k loan, and receive funds within the loan to fix up the home or remodel it to your liking. It is within the FHA rules to [...]
The Appraisal Came in Low-What Now? This Can Fix The Problem
April 15, 2011 – 8:47 pm
You are buying a fixer home that needs updating and your home loan is preapproved, you have your proof of funds squared away and than bam….the home doesn’t appraise for the agreed upon purchase price. So how do you fix a low appraisal problem? The seller is willing to renegotiate and meet you halfway on the difference [...]
Structuring An Offer With A 203k Loan
February 22, 2011 – 10:12 pm
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 [...]
The Investor 203k. It May Be Coming Back in 2011.
January 27, 2011 – 6:58 pm
If you are an investor and have been buying homes cash and using your own money to fix up homes and resell them, you know that if you have multiple projects going at one time, that this can be trying. What if you could use someone else’s money to do this? Would it reduce your [...]
Need a remodeling home loan? Think 203k loan.
November 16, 2010 – 9:15 pm
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 [...]
