{"id":19725,"date":"2013-04-25T22:52:53","date_gmt":"2013-04-25T22:52:53","guid":{"rendered":"http:\/\/203krehabnow.com\/?p=19725"},"modified":"2013-04-25T22:52:53","modified_gmt":"2013-04-25T22:52:53","slug":"how-to-have-a-successful-fha-203k-renovation-loan-closing","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/how-to-have-a-successful-fha-203k-renovation-loan-closing\/","title":{"rendered":"How to Have A Successful FHA 203k Renovation Loan Closing"},"content":{"rendered":"

\"Happy<\/a><\/p>\n

How to Have A Successful FHA 203k Renovation Loan Closing…<\/p>\n

I’ve heard so much chatter lately regarding FHA 203k renovation loans <\/a>that I thought it was time I dispelled some of those rumors floating around. Especially those pertaining to whether or not these loans actually do close!<\/span><\/p>\n

What’s best about the FHA 203k renovation loan<\/a>? You can take a home with a great or even not so great structure, purchase <\/a>it at a fantastic price point, finance any repairs that are required or desired and make a home truly your own. All of this can be done in as little as\u00a045 days<\/strong>!<\/p>\n

I get asked what’s bad about the loan quite a bit because these renovation loans do get a bad rap. So the truth…well let\u2019s talk<\/em>. First of all what most people find challenging<\/span> is finding the perfect contractor <\/a>and deciding on what work to do and making that fit in with the budget they have decided they want to spend.<\/p>\n

Once this part is done things start really rolling\u2026.that is if you are working with a lender who is well versed in renovation loans<\/span><\/strong>. I get many calls per month and loans handed over to me<\/strong> because the lender they are working with is not getting the loan closed. We will discuss why this is in just a bit.<\/p>\n

The good or actually the best part<\/span><\/strong> about this loan is simply put…you get to buy, renovate to suite your needs all with one great low rate, one payment and very low down payment.\u00a0 Selling a home?<\/a> Well what’s good in this case is as a seller you can sell “as is” and let the buyer renovation for their needs.<\/p>\n

Let\u2019s get back to working with an experienced renovation lender<\/a>.<\/strong> How do you know?<\/em> First of all you probably do a Google search and see several lenders listed. Then it\u2019s time to do some investigating. Is there a website or blog with diverse content that will lend to their expertise?<\/em> When you get the loan officer on the phone ask them pointed questions<\/strong>.<\/p>\n

I am going to make this really easy for you and give you some great questions and the answers you need to hear!<\/p>\n

Q:<\/strong> How many renovation loans have you done?<\/p>\n

A:<\/strong> The more the better ..less than 20-30 not experienced enough. You deserve an expert<\/span>.<\/p>\n

Q:<\/strong> Does your company offer the Full 203k <\/a>and the 203k Streamline <\/a>version?<\/p>\n

A:<\/strong> You need options. Would be unfortunate to get all the way to inspection and find out you need a full 203k but the lender you are working with only offers the streamline and you have to start over with a new lender now.<\/p>\n

Q:<\/strong> Does your company offer the Fannie Mae HomeStyle Renovation loan?<\/p>\n

A:<\/strong> Again you need option there could be many reasons why the HomeStyle Renovation loan might just work better for you. Especially if you have some money for a down payment or want to avoid mortgage insurance.<\/p>\n

Q:<\/strong> Does your company underwrite, close and fund in house?<\/p>\n

A:<\/strong> YES is the only option. If they do not underwrite and close\/fund in house that means they are brokering your loan to another lender and that is NOT good for this type of loan. Way to many moving parts with a renovation loan.<\/p>\n

Find a lender that can answer the above and you are on your way to a successful renovation loan and closing experience. Or just call me <\/span><\/a>because repairs don\u2019t scare me and they shouldn\u2019t scare you either!!<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

I’ve heard so much chatter lately regarding FHA 203k renovation loans that I thought it was time I dispelled some of those rumors floating around. Especially those pertaining to whether or not these loans actually do close!<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[67,69,62],"tags":[152,71,79,78],"class_list":["post-19725","post","type-post","status-publish","format-standard","hentry","category-203k-full","category-203k-streamline","category-mortgage-programs","tag-fannie-mae-homestyle-2","tag-fha-203k","tag-fha-203k-rehab-loan","tag-fha-203k-streamline"],"acf":[],"yoast_head":"\nHow to Have A Successful FHA 203k Renovation Loan Closing<\/title>\n<meta name=\"description\" content=\"have a successful fha 203k renovation loan closing. offering fha 203k and 203k streamline from the same lender. an experienced fha 203k lender is key.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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