203 (K) Rehab loans

[MarylandMark]

Anyone ever done one and how'd it work out?

Lender or borrowers feel free to toss your opinions in!

[Lomax]

they are a major PAIN IN THE AZZZZZZZZZZZZZZZZZ....just alot alot alot of paper work and hoops...but if thats the only route available then oh well...lol

[MarylandMark]

Thanks Berine!

I've looked at some houses in the $300K range that need over $100K worth of work done to them. Paying out of pocket for repairs would double hurt since the stock market is in the toilet and rates being so low.

[Lomax]

FHA 203(k) and Quic(k)FixSM Streamlined (k) Limited Repair Product Matrix
Eligible Programs
Product & Terms
Eligible
Borrowers
Eligible
Properties
Eligible Improvements
Repair, Replace, Upgrade
Maximum LTV
Allowable Renovation Costs
Fixed Rate - 15, 20, 25 & 30 year term
1 yr. ARM - 30 year term
Owner Occupants
Owner Occupied
1-4 Unit Residential
Mixed-use
Condos
$5,000 Minimum in Improvements *
Additions *
Structural Repairs *
Energy Conservation
Heating, Ventilation, Air Conditioning, Electrical, Plumbing
Well or Septic
Roofing, Gutters and Downspouts
Flooring, Carpet or Tile
Major Landscape/Site Improvement *
Handicap Accessibility
Attached/Detached Garage *
Up to $1,500 in Repair to an Existing Swimming Pool
Relocate an Existing Home *
Rebuild on Existing Foundation *
Not Allowed: Luxury Items
Purchase
Refinance
Loan amount can not exceed statutory loan limits for the area
LTV/CLTV up to 103%
96.50%
97.75%
Actual cost of the renovation based on plans and specifications * and homeowner contractor contract stating scope of work, cost of materials and labor, timeframe for start and completion of work.
Contingency Reserve equal to 10% of cost of renovation (can be up to 20% based on the scope of the project). MUST be 15% if utilities are off.
Allowable Fees and Costs:
• Inspection/Title Update Fees
• Architectural/Engineering Fees *
• Independent Consultant Fees *
• Permits and Other Fees
• Supplemental Origination Fee
• Discount Points on Repair Costs
Escrowed mortgage payments (PITI) for up to six months during the renovation period. *
Allowable Consultant Fees*
Allowable Inspection Fees
Based on Repair Amount
Varies by Homeownership Center
$7,500 or less
$400
$7,501 to $15,000
$500
$15,001 to $30,000
$600
$30,001 to $50,000
$700
$50,001 to $75,000
$800
Quic(k)FixSM Streamlined (k) ONLY:
• $35,000 maximum in improvements and expenses
• No more than 2 checks per specialized contractor
• 6 months maximum for completion of work – no extensions
• Must occupy within 30 days
* N/A for Quic(k)FixSM Streamlined (k)
$75,001 to $100,000
$900
NOTES
$100,001 and Above
$1,000
Each Additional Unit
$25
Feasibility Study
$10

[kewler]

are you still looking for a house if so I got realy neat deal on 2acers near Annapolis