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Semelhante a FHA 203K Benefits
Semelhante a FHA 203K Benefits (20)
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FHA 203K Benefits
- 1. Renovation 203(k) Lending Lee Robinson ASM Freedom Mortgage
Notas do Editor
- It is not a construction loan or a rehab loan
- #1 – Sell more homes in a particular neighborhood or location #2 – Buyer doesn’t like something about a house? Change it! Make it theirs. #3 – Realtor doesn’t have to worry about the renovation to be complete prior to closing the loan. #4 – If a house isn’t moving because of a particular feature or features are undesirable, the buyer can change it with a renovation loan! #5 – the buyer can move into the house THEY want to live in.
- #3 – rates are less than a home equity loan #4 – Home value increases #5 – Again, they get to move into the home THEY want.
- #2 - Kitchens include appliances
- Effective 12/15, the minimum credit score is 580
- Consultant Fees Cost of Repair Fee <$7500 $400 <$15,001 $500 <$30,001 $600 <$50,001 $700 <$75,001 $800 <$100,001 $900 >$100,000 $1,000
- #4 - A good general contractor will not need upfront money for materials, etc. There is a piece in the Contractor folder on the web that is Information for Contractors that the borrower/Broker/AE/LO could use to explain the handling of funds to the contractor. Borrower must sign: Rehab Loan Agreement outlines terms and states escrow amount and completion time frame. This is a required document but not recorded Rehab Rider refers to the Rehab Loan agreement and is recorded with the mortgage/deed of trust.