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 Streamline
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 [...]
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 [...]
Realtors Battling Sellers Over Fixits-Why?
November 1, 2010 – 8:58 pm
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. He than [...]
The 203k Streamline Needs a HUD Consultant.
October 1, 2010 – 11:42 pm
The 203k Streamline is gaining some steam and increased Realtor acceptance. However, with the increased popularity comes misconceptions. The 203k Streamline is meant for minor cosmetic work and has a cap of $35,000 in repairs, a hombuyer and contractor is all that’s needed……or is it? Any repair amount greater than $35,000 is still possible, but [...]
