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Roll in improvements with FHA 203k Loan
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Buying a home that might need some improvements? The FHA 203(k) loan is like a mini construction loan bundled with your mortgage. If you're looking to roll in at least $5,000 of improvements – think paint, carpet, even bigger fixes like foundations – this loan might be your answer. It's all about beautifying your space while enjoying benefits like a low downpayment and flexible credit requirements. Keep in mind, though, not all lenders offer this option.
In this episode, we share that a HUD-approved consultant is in the mix, and while the perks are cool, there are extra fees and a potential 45 to 90-day waiting period due to inspections. So, hit up the link for approved lenders, chat with your realtor and local lender, and stick around for more insightful episodes with Jen.
In this episode, you’ll learn:
- Basics of FHA (Federal Housing Administration)
- Basics of HUD (Housing and Urban Development)
- Importance of finding approved lenders through the FHA website
- What are the extra fees involved
Must-listen moments:
[00:00:58] What is a 203k loan
[00:02:18] What is the required down payment
[00:03:20] Benefits from 203k loan for beautifying your home
[00:04:38] The process of getting a contractor bid and HUD consultant
[00:05:30] How improvements affect the effective purchase price and the calculation of the minimum down payment
Links mentioned https://www.hud.gov/program_offices/housing/sfh/lender/lenderlist
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Jennifer Hughes Hernandez, Legacy Mutual Mortgage - Equal Housing Opportunity Lender NMLS #514497
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📌More Helpful Content:
▶️The Myths and Truths About Credit Inquiries: https://youtu.be/d_RQJnTsVPE
▶️Why You Should Use A Local Lender: https://www.youtube.com/watch?v=shkijZmEonA ▶️How to Buy A House With Low Income: https://www.youtube.com/watch?v=OcyjWe0snWU
▶️Using Rental Income To Qualify For A Mortgage: https://www.youtube.com/watch?v=kv0eXzl1YUo
To contact us visit www.loanwithjen.com
Equal Housing Opportunity Lender NMLS# 514497
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Resources mentioned in the episode:
https://www.loanwithjeneducation.com/
https://www.instagram.com/loanwithjen/
https://www.facebook.com/loanwithjen
https://www.youtube.com/channel/UCFrSijIoUv59fxf0hXMro7g
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