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Tuesday, January 26, 2010

203K Rehab to Purchase a Fixer Upper or Help List Your Fixer Upper

Frisco and the Surrounding Collin County home buyers should look into the FHA 203K home loan when trying to buy that short-sale or foreclosure...refinances are elgible too!!! When trying to establish the appraised value, the value will be "subject to completion". So for example: A home that has a market value of $150k because it's at the lowest end of value of it's "like" sqr footage among comparables, may get an appraisal value on the 203K loan program for $175k when it has the most upgrades and updates for the homes similar in age and square foot in it's market, even if the sale price was $150k. Now you can use that difference in $150k sale price and expected appraised value to determine the loan to value.

Maximum LTV
• Purchase: Maximum LTV is 96.50%.
• Rate/Term Refinance: Maximum LTV is 97.75%. Maximum CLTV is 100%.
HUD's $100 Down Payment homes are also eligible for this program.

Requirements for 203K purchase or 203k refinance loans below:

• All improvements must be performed by a third-party builder. Self-Help is not allowed. (builder or contractor...must be insured contractor)
• The builder’s contract must not be signed before the 5th day after the written application.
• A 10% statutory retainer must be withheld from each advance to cover any claim notices from subcontractors or suppliers. The entire retainer, representing 10% of construction costs, will be retained for 30 days after final completion. (Subcontractors and suppliers have only 30 days after completion to notify the borrower of nonpayment claims) This money is also rolled into the loan with other costs if requested by borrower, and the 10% is calculated off the amount used for fix ups and 203k specific closing fees...EXAMPLE: IF $10,000 is the amount request for fees and fix-ups, you take 10% of $10,000, which is $1,000, and roll that into the loan. If it is not used, the 10% retainer fee will be used to pay down principle of the loan.
• Subject property must be used as the primary residence...this loan IS NOT DESIGNED FOR FLIPS OR INVESTMENT PURCHASE!

Examples of eligible home repair, replacement, or improvements under the FHA 203K are listed below, however, this is not an all-inclusive list:
• Repair/replacement of roofs, gutters and downspouts.
• Repair/replacement/upgrade of existing heating, ventilation & air conditioning systems.
• Repair/replacement of plumbing and electrical systems.
• Repair/replacement of flooring.
• Minor remodeling that does not involve structural repairs, such as kitchens
• Exterior and interior painting.
• Weatherization, including storm windows and doors, insulation, weather stripping, etc.
• Purchase and installation of appliances, including free-standing ranges, refrigerators, washers and dryers, dishwashers and microwaves.
• Improvements for accessibility for persons with disabilities.
• Lead-based paint stabilization or abatement of lead-based paint hazards.
• Repair/replacement/addition of exterior decks, patios, porches.
• Basement waterproofing.
• Replacement of window and doors and exterior wall re-siding.
Most improvements are eligible provided they add value and are permanently affixed to the foundation. Improvements to detached structures and luxury items are not allowed.
Luxury items include: Swimming pools, hot tubs, tennis courts, gazebos, barbecue pits, etc. Repair work to these items is also not allowed.


For more questions regarding the 203K loan, email Brad Lynch directly at blynch@pnlending.com or find me on Twitter at Frisco_Mortgage

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Testimonials & About Me

My photo
Frisco, Texas, United States
In 2002, Brad Lynch began energetically consulting families in finding the right mortgage plan for their needs. In the beginning years, he was trained by a mentor who led by example, and this example was the epitome of integrity. Brad learned in the beginning by his mentor that many prospects may not consciously see what good intentions he has for them, do to the “wrap” many have caused w/in this industry, but always do what is right for the customer and in the end it will payoff. Integrity coupled with an energetic nature to nurture relationships, Brad has created clients for life. Through these clients for life, referrals have become the lifeblood of his business.