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Getting an FHA203k or a Conventional Renovation Mortgage
Manage episode 410709609 series 2979320
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With More homes going on the market, people losing jobs and the cost of everything going up, when a home comes on the market it may need a
New Roof, A/c, floors, kitchen, and or bathroom. With an FHA 203k or a Conventional renovation loan, you can have that done when buying the home.
An opportunity to include that in the mortgage so you do not have to do the out-of-pocket expense. Maybe the home will not pass inspections and this way you can buy your home and get the work completed.
You must have a licensed contractor who is insured and bonded, the first thing is to get them approved with the lender. Then when the appraiser goes to appraise the home they have your contractor's bid looking at the after-value. At closing the seller gets their funds and the lender has the escrowed funds ready to pay the contractor once the work is done.
Rates are usually a .25% higher and there are a few more fees with inspections to check and make sure the work is completed.
Let me know how I can help you
tune in and learn at https://www.ddamortgage.com/blog
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