FHA 203k Consultants, HomeStyle® Consultants, VA Renovation Consultants https://entp.hud.gov/idapp/html/f17cnsltdata.cfm
FHA 203k Consultants, HomeStyle® Consultants, VA Renovation Consultants https://entp.hud.gov/idapp/html/f17cnsltdata.cfm
Streamline, remodeling, updating, or heavyweight new construction. From Concept to Completion.
Simply put "purchase or refinance money with money to fix up your home, or small income units, all in one "low interest" loan. We service Southern California. We work with you to create a viable scope of work then actually bid the job for you.
The FHA 203K loan provides financing to buy the home and to make desired repairs, renovations and upgrades. Here’s how it works and what you must know about the 203k loan process. What is FHA 203(k) loan program?
What is a FHA 203(k) loan? Well, this FHA loan has a couple of acronyms.
You might have heard it called a rehab loan or a home construction loan.
The names give it away – its purpose is to help buyers fix up thier homes, duplex, triplex or four plex properties that otherwise may not be eligible for financing.. FHA 203(K) loans have the same lenient guidelines as a traditional FHA loan.
But there’s an added benefit: you could get a loan for more than the purchase price to pay for renovations or repairs to the home. What is the FHA 203(K) loan process?
To start the FHA 203K loan process, you’ll get pre-approved.
A 203k certified lender makes this step a easy.
They will evaluate your credit score, credit history, income, debts and assets to come up with the amount that makes sense for you.
This includes the home’s purchase price and the cost to renovate it.
Once you find a property, they will work together every step of the way to complete the application and requirements to close on the property.
You’ll work with us as your 203k consultants, your architect or designer, and contractors to determine the improvements you want and need or required by HUD and complete after the loan closes.
Maximum 203(K) loan amount
The FHA 203K loan works a little differently than a typical FHA loan.
While you can’t exceed FHA loan limits, most buyers can borrow up to 110% of the home’s value, or the home price plus renovation costs, whichever is less.
If you’re not sure what that might be, don’t worry:
The lending professionals can help you determine how much will be available to you.
And when you know the max amount you can borrow?
You can hit the ground running to plan the future of your fixer-upper with the FHA 203K loan.
And when you know the max amount you can borrow?
You can hit the ground running to plan the future of your fixer-upper with the FHA 203K loan.
Ready to apply for an FHA 203(K) loan?
We are the start of professionals that are ready to help you get your project started with an FHA 203K loan.
The FHA 203K loan process is more involved than a traditional FHA loan because it can include coordinating with 203k HUD Consultant architects, designers, contractors, and appraisers.
But we’ve got your back, every step of the way.
We’ll help you understand your max loan amount, what type of FHA 203(K) loan you need and how to get the best rates and terms on the loan.
FHA’s primary program for the
rehabilitation and repair of an
exiting one-to four-unit Structure,
including a Condominium Unit,
used primarily for residential
purposes
.We are on the HUD roster to perform FHA Compliance Inspections using the HUD-92051 form. What is FHA Compliance Inspection? Mortgage lenders typically require an appraisal of the home’s true value to ensure that it is worth the selling price. Accordingly, the U.S. Department of Housing and Urban Development (HUD) requires this for an FHA loan. Not all FHA loans require property appraisals. But, when it does, the home must pass an FHA (Federal Housing Administration) inspection and appraisal prior to loan approval. On top of this, FHA also requires a standard home inspection. In short, FHA inspection is an in-depth analysis of the home. The inspector looks for structural issues and safety hazards. They also ensure that the house is in good livable condition while meeting the minimum FHA property standards. How Long Does an FHA Compliance Inspection Take? This inspection will take a few hours using a comprehensive checklist. What Happens During the FHA Compliance Inspection? Our inspector will investigate the following areas using the HUD-92051 form. Structure Roof Exterior Bathroom Kitchen Heating and Plumbing Sanitation Safety hazards Access Encroachment Generally, the home must meet the sanitary requirements, kitchens are fully functional. Similarly, bathrooms should have good ventilation and smoke detectors are present. Also, electrical systems and lights must be operating well, and foundation and structural elements are in sound conditions. The HUD-approved inspector will compare the house to similar properties recently sold around the area for the home’s value.
What is a renovation loan? Simply put "purchase or refinance money with money to fix up your home, or small income units, all in one "low interest" loan. We are a California 203K Consultant firm. We work with you to create a viable scope of work then actually bid the job for you. This puts you in the driver's seat when negotiating with your contractor(s).
Use a Team to close your loan faster California 203k consultants has been providing 203k & HomeStyle® inspections since 2010. We have the experience. A proven effective team over and over again. Use the "order consultation services here" link below to place your order and get the process started. NEW CONSTRUCTION ROOM ADDITIONS, REMODELING, UPDATING, DECK FINANCING, ETC. WE DO IT ALL.
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