- 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.
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.
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.
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
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
Jacksonville Real Estate – Jacksonville, FL Homes for Sale FHA 203k Renovation
As I show Homes to Buyers I have to explain that some Jacksonville Real Estate Carpet might be gone, Walls and Ceilings might have Larger Holes in them, Light Fixture might missing, Interior Door might be missing, Windows might need Replacing or Repair, All Cabinets and Counter-Top might Gone, Interior Wall and Ceilings might need Re-Painting.
Roof May need to be Replace alone with Paint the Exterior Wall and Trim.
Sometimes you may have a Electrical Panel Ripe out.. Not to mention the A/C Unit might completely Gone also.
FHA/ HUD has a Program Call The FHA 203K Program that is a Program for Renovation on Home that needs Upgrades to the Interior and the Exterior on the Home and to All the Major System including Structure Replacement and Repair. Also If you Want to Add a Room, Re-Design the Total Truss and Roofing System.
With All of the Foreclosure Homes come to The Market Jacksonville Real Estate will be Prime for these type on Program. So, went you Purchase a Jacksonville Home For Sale being Foreclosure Home or Short Sale Home .
The Streamline 203k and the Full 203K for Structure Renovation to the Homes.
Jacksonville Real Estate – Jacksonville, FL Homes for Sale FHA 203k in Oakleaf Plantation, Hamilton Glen, Eagle Landing