One World Realty in Jacksonville Florida
Charles Gaulden
904-859-1778904-859-1778

FHA 203k and Fannie Mae Renovation loans

  • When is the appraisal ordered on a FHA 203k and Fannie Mae Renovation loans? We do not order the appraisal until the detailed Scope of Work is completed and signed by the buyer and the contractor. The appraisal is performed Subject-To the After-Improved value. On FHA 203k you get up to 110% of the After-Improved value which means a 10% buffer. All repairs are done AFTER CLOSING.
  • What happens if the utilities CANNOT be turned on with a property because of leaks, extended vacancy, etc? With the renovation loan we would include the cost of any necessary repairs AND we will always keep at least 15% contingency money in the case there are additional repairs needed. Example – Cost of work = $10,000. Contingency would be at least $1,500. For homes that have been vacant for least 12 months – JEA will require an electrical inspection and city inspection prior to activating the power or water.
  • How is the down payment calculated on a FHA 203k loan? The minimum 3.5% down payment is calculated off the sales price of the house plus the cost of rehabilitation or repairs. Example: $100,000 sales price + $15,000 repairs = $115,000 x 3.5% = $4,025. A buyer can certainly choose to have a larger down payment but these are the minimums.
  • Are Renovation loans – FHA 203k and Fannie Mae Homestlyes – good for Refinances too? Yes. You can Refinance & Renovate which means not only lowering your interest rate, but also including the cost of improvements as well. 3 great advantages:
  • Appraisal is based on After-Improved Value
  • FHA 203k – you get up to 110% of the after-Improved Value.
  • Closing costs can be financed into the loan
  • On FHA 203k and Fannie Mae Renovation loans can the buyers act as their own contractor? While the guidelines on some versions of the loans allow for “Self Help”, both HUD and Fannie Mae discourage the practice because of the level of risk. The guidelines call for the buyers to be licensed/insured contractors AND there are NO upfront monies provided for materials. So, the buyers must prove the ability to perform the job in workmanlike manner AND have sufficient funds for both the loan and repairs. There are other guidelines that restrict the amount of work that can be done in a “Self Help” transaction.

FHA 203k or Fannie Mae conventional renovation loan

  • How much renovation can you do on a FHA 203k or Fannie Mae conventional renovation loan?  As far as the Scope of Work, you can literally take a home down to the foundation and build it back up from scratch. The only cap on the dollar amount of work has to do with appraised values, buyer qualifying and FHA county loan limits/Conventional loan limits.
  • Appraised Vale  – on FHA 203k you get up to 110% of the after-improved value. Conventional appraisals are standard with no buffer.
  • FHA loan limits – In Northeast FL the limit is $387,500 for SFR (after down payment).
  • Conventional loan limits – $417,000 (after down payment). Higher limits for 2-4 unit properties.
  • On Conventional Renovation loan what are some luxury items that are allowed? Swimming Pools, Summer Kitchens, Landscaping, work on Docks & Bulkheads, etc. Call for specific details or scenarios.
  • What are the benefits of HomePath mortgages? The biggest benefit has to do with condos since Fannie Mae HomePath condos do NOT require approval
    and there is NO appraisal.  For investors on HomePath the minimum down payment is just 10%, and for those buyers who want to perform all the repairs/improvements themselves, since there is no appraisal then can close and then start the work. NOTE – HomePath Renovation loans require appraisals and have different down payment requirements.
  • When writing a CONTRACT for an FHA 203k or Fannie Mae Conventional Renovation loan what additional information needs to be included? Generally, you will write the contract As-Is (not always for resales) for the sales price of the house. Just check “FHA” or “Conventional” like all transactions. Its best practice to note in “Other Terms & Conditions” that the “Buyer to use FHA 203k / Fannie Mae Homestyles Renovation loan to address property conditions”. There are times with a resale that you might write a clause involving value but not on REO or short sale properties.

For Sale 203K Renovation Projects in Jacksonville, Florida

We're sorry, but we couldn't find MLS # 657181 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

 

Green Cove Spring, Fl Homes For Sale 203k Renovation Special

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Green Cove Spring Homes For Sale 203k Renovation Special 

 

 

 

How To use the FHA 203k Streamline and Full Program Can be use Accessibilty Improvement For Persons with Disabilities in Jacksonville fl

How To use the FHA 203k Streamline and Full Program Can be use Accessibilty Improvement For Persons with Disabilites in there  AS Is Home Purchase weather it a Short Sale Home or Foreclosure Home. And You don’t Have to be a Veteran… Here are things the  FHA/HUD 203k Products Can do:

  • Interior Door Enlargements
  • Modify Kitchen Cabinets
  • Bathroom Modification
  • Flooring
  • Modify Outlets and Light Switches High.
  • Driveways, Sideways and Ramp Installations and Much More…..

Call Me Today So I Can HelpYou Find a Home Veterans an Non Veterans Disabilities…(904) 348-0452

www.RealtyHomeCenter.com

www.LivinginJacksonvilleFlorida.com

Complete Home Realty. Inc

Jacksonville Fl Homes For Sale, Homes For Sale In Jacksonville, Florida Home

We're sorry, but we couldn't find MLS # 623755 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

VA Specially Adapted Housing For Handi-Cap Veterans is a Great Program – Jacksonville Real estate

VA Specially Adapted Housing For Handi-Cap Veterans is a Great Program – Jacksonville Real estate

Veterans or servicemembers who have specific service-connected disabilities may be entitled to a grant from the Department of Veterans Affairs (VA) for the purpose of constructing an adapted home or modifying an existing home to meet their adaptive needs. 

 The goal of the Specially Adapted Housing (SAH) Grant Program is to provide a barrier-free living environment that affords the veterans or servicemembers a level of independent living he or she may not normally enjoy.

 Here are a some of the Conditions that Qualify a Sericemembers for this Grant Program.

Loss, or loss of use of both lower extremities such as to preclude locomotion without the aid of braces, crutches, canes, or a wheelchair.
 

Blindness in both eyes having only light perception, plus loss or loss of use of one lower extremity.
 

 The loss, or loss of use, of one lower extremity together with residuals of organic disease or injury, or the loss or loss of use of one upper extremity. These injuries must, according to VA requirements, “Preclude locomotion without the aid of braces, crutches, canes, or a wheelchair.”
 

The loss, or loss of use, of both upper extremities, so as to preclude use of the arms at or above the elbows.
The permanent and total disability is due to a severe burn injury as determined by the VA.

 Here are the areas of the Home that this Program is use For:

Ramps & Walks, Doorway Widing, Bathroom Modifications, Roll-in Shower, Kitchen Modification just to mention few.

 The reason I know alot about this Program is because I”m A VA Specially Adapted Housing Inspector myself.

 So I can help you Find a Home if you are a Veteran also by me being a Realtor and a Inspector..

www.RealtyHomeCenter.com

  

Homes For Sale Jacksonville Fl – Jacksonville, Fl Real Estate on the Northside

Homes for Sale in Jacksonville on the Northside .. This is a Great Buy Beautiful Home, Great Community, Good Schools in the and, The Seller Will Pay Up To $5000.00 of The Buyers Closing Cost and Prepaids.

French Country 2-story home with a study, game room and media room features a gourmet kitchen with island, 42” upper, birch cabinets with crown molding and stainless steel appliances to include dishwasher, smooth-top glass range, microwave and refrigerator. Custom tile in the foyer, eat-in kitchen, dining room, bathrooms and laundry area. From the covered patio and the family room surrounded with windows, you will have a priceless view of the tranquil lake. Come see why Villages of Westport is the place to be!…

http://www.zillow.com/homedetails/12679-Weeping-Branch-Cir-Jacksonville-FL-32218/109751747_zpid/

Great  Homes For Sale in Jacksonville Florida on Jacksonville Northside, Westside and at the Beaches

Nearby Neighborhoods: Dunns Creek Crossing, Dunns Creek Pointe, Cedar Bay, Lexington Park, Yellow Bluff Landing, Heron’s Walk, Tidewater, Amelia View

Homes For Sale Jacksonville Fl – Jacksonville, Fl Real Estate on the Northside

Homes For Sale Jacksonville FL – Wells Fargo NeighborhoodLIFTSM program

Wells Fargo brings program to Jacksonville housing market

Homes For Sale in Jacksonville Fl… Home Buyers Gets in on the New Wells Fargo Home Mortgage NeighborhoodLIFT Program. It’s the New Downpayment Assistance Program in the Jacksonville Fl Area That Help  Home Buyers Come Up To $15,000.00 Toward there Downpayment Assistance to Help Home Purchase in Jacksonville, Florida.

Who can qualify?

The program is available if you are

approved for home financing and your

household income is equal to or less

than 120% of the area median income.

Whether this is your first home or you

are ready to buy again, there are a

number of homebuyer education

requirements that must be completed

prior to the home purchase.  Check out these Income Examples Below:

Area Median Income (AMI) AdjustedFor Family Size of 1- 100% (AMI) $47,100.00 – 115% (AMI) $54,150.00 – 120%(AMI) $56,500.00

Area Median Income (AMI) AdjustedFor Family Size of 2 – 100% (AMI) $53,850.00- 115% (AMI) $61,950.00- 120%(AMI) $56,500.00

This Program is Great for the 203k Renovation Programs for REO’s and Short Sale Properties  Purchases To… To Get more Information https://www.wellsfargo.com/mortgage/lift

Homes For Sale Jacksonville FL – Wells Fargo NeighborhoodLIFTSM program  

Some Nearby Neighborhoods that you can Use this Program in Jacksonville, Fl

Argyle Forest
Bellair-Meadowbrook Terrace
Jacksonville Heights South
McGirts Creek
Oak Hill
Settlers Landing

Herlong

Jacksonville Farms-Terrace
Marietta
Normandy Estate
Normandy Manor
Otis
Rolling Hills
Whiteho

 Dunns Creek Crossing, Dunns Creek Pointe, Cedar Bay, Lexington Park, Yellow Bluff Landing, Heron’s Walk, Tidewater, Amelia View

 

Ponte Vedra Real Estate – Jacksonville Real Estate – 203k Programs – Short Sale Homes and Foreclosures Homes in Oakleaf Plantation

Ponte Vedra Real Estate & Jacksonville Real Estate is prime areas for The FHA/ HUD 203K Program for Renovation.

Rehab Homes w/HUD‘s 203k is the a great way to Fix up Short Sale and Foreclosures Homes.. Let take a Look at what Type on Properties that is Eligible to participate in the FHA Program according HUD.

Eligible Property

To be eligible, the property must be a one- to four-family dwelling that has been completed for at least one year. The number of units on the site must be acceptable according to the provisions of local zoning requirements. All newly constructed units must be attached to the existing dwelling. Cooperative units are not eligible.

Homes that have been demolished, or will be razed as part of the rehabilitation work, are eligible provided some of the existing foundation system remains in place.

In addition to typical home rehabilitation projects, this program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit.

An existing house (or modular unit) on another site can be moved onto the mortgaged property; however, release of loan proceeds for the existing structure on the non-mortgaged property is not allowed until the new foundation has been properly inspected and the dwelling has been properly placed and secured to the new foundation.

A 203(k) mortgage may be originated on a “mixed use” residential property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; (2) the commercial use will not affect the health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.

To learn more about All FHA/HUD 203k Programs go to the Bottom link.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kabou

Now here is a Bounce For Buyers who are buying and Renovating.. One of the best Mortgage Company that is Offer this FHA/HUD 203k Program an the Loan Officer to Handle this type Loan Programs Click on the  link below

https://www.wfhm.com/loans/john-adams2/about.page 

Jacksonville Real Estate – 203k Programs – Short Sale Homes and Foreclosures Homes

Nearby Neighborhoods where you can Find Homes that are Short Sale Homes and Foreclosures Homes

 Dunns Creek Crossing, Dunns Creek Pointe, Cedar Bay, Lexington Park, Yellow Bluff Landing, Heron’s Walk, Tidewater, Amelia View, Watermill, Watermill Cornerstone Valencia, Hillcrest, Daybreak, Eagle harbor, Wynnfield Lakes, Benton Lakes, Jacksonville Real Estate, Real Estate Jacksonville, Oakleaf Plantation, Hamilton Glen, Eagle Landing, Forest Hammock at Oakleaf Plantation, Asbury Plantation (in Jacksonville Fl & In Orange Park, Fl