Brent Kluge give amazing hints and helpful information for you when utilizing the FHA 203k Loan and how to find a Contractor. Check back for more info/topics and visit us at www.203kworld.com
Feel free to ask me a question in the comments section about your FHA203k... I WILL ANSWER!
Brent Kluge gives honest, reliable and real world advice on the ins and outs of the FHA 203k. In this Video Blog, you will understand if you should hire a HUD Consultant or not. Please click "Like" if you so do and perhaps "Subscribe" if you would like to check back for additional blogs as they are reported. :) http://www.203kworld.com
Brent Kluge disclose the REAL WORLD TRUTHS about the Problems & Pain Points with the FHA 203K. We've all heard about FHA 203k Nightmares... here is an insider's look in 203k's, what to avoid, how to protect yourselves and other insights.
Brent Kluge explain helpful hints on how to structure your FHA 203k to position yourself for a refinance where you will drop your mortgage insurance and potentially lower your interest rate when your construction is complete! Please click Like and/or Subscribe!
Feel free to ask a question in the comments section... I will answer! :)
FHA 203k - Refinance-Renovate-Relax...
For those homeowners that have a boatload of equity in their home and would like to capture some of it in order to add an addition on their house, the best situation would be a Home Equity Loan or even a conventional cash-out refinance (with no mortgage insurance).
This is a popular question in the renovation finance world: Am I better off with a Fannie Mae HomePath Renovation Loan or an FHA 203K?
The answer is quite personal. You must take into account your personal finances, the project requirements, and type of home, among other issues. I will highlight here a few of the main items for your consideration.
FHA 203K Refinance - How does it work?
1st - You must pay off your existing debt in the new mortgage. This means ALL debt that is secured with a lien on the house. In addition, no other liens or encumbrances can exist on the deed. (mechanics liens, back taxes, judgements). They all must be included in the new loan.
Let’s face it folks, the FHA 203K can be intimidating, even for a season tradesman. As with anything, a well thought out plan can save you countless time and money. In this blog, I’ve compiled a simple list of 10 helpful tips for selecting your contractors.
This advice is FOR THE CONSUMER. I didn't cut and paste these things. Neither HUD nor any other regulatory agency has endorsed this list. It’s just my own thoughts having helped thousands of homebuyers through this process. (Of course, I have 16 years of experience doing these loans. So if you’re considering a K, Take it from the "K"man...)
Selecting a Contractor for a 203K:
1. Your contractor and you MUST mesh. Depending on your size of project, he/she may be in your house for months. Take every effort to make sure that the contractor you hire seems like the quality of person you want around your house, family, and valuables unsupervised for this time period.
On an FHA 203k Renovation Loan, the money that is set asidefor the construction goes into an "escrow account". These funds actually sit with the bank until a DRAW REQUEST is properly completed, endorsed and submitted, requesting those funds. How many times have you heard about people WAITING 60,90,EVEN 120 DAYS FOR THE FIRST DRAW CHECK??? Unfortunately, this is happening.
Here is the skinny. MOST 203k's closed in the entire country are closed by two BIG banks. I am not going to say who these banks are directly, though I can tell you they both do Well and both are Banks in America. They do so much volume, their draw departments are inundated with requests and delays happen.