Sentences with phrase «203k loan is getting»

Not exact matches

A 203K loan is a renovation mortgage that allows you to get a home mortgage and pay for anything from repairs to updates and additions with the same loan.

At Jersey Mortgage Company in NJ, we're here to answer any questions you may have regarding a FHA 203K Loan, and to explain the details so you get competitive rates and a home loan package that suits your neLoan, and to explain the details so you get competitive rates and a home loan package that suits your neloan package that suits your needs.

If you are able to buy a property under market value (usually because it needs substantial rehab work), once you do the rehab work (and I don't mean «you» personally — you'd actually need to have it done by a licensed contractor under the terms of a 203k loan), you potentially get not only higher rents, but also the option to refinance the mortgage after the rehab is done (and once you've satisfied any owner - occupancy or seasoning requirements from the lender), which can be especially useful if you want to purchase additional rental properties (something sometimes referred to as the «BRRR method», for «Buy, Rehab, Rent, Refinance).

The 203k FHA loan sounds like a great deal, especially for those who are willing to put in a little extra work to get a greater return.

Once you are sure the home will fit the basic FHA 203k loan requirements, the smart next move is to get a bid for the repair work from a licensed contractor.

I believe he is trying to get something called a 203K loan which would enable him to get needed repairs done on house and maybe this is a factor.

A major benefit to the 203k loan is that you can get a very low interest rate.

Just like the FHA loan that you are getting, the 203k loan also is backed by the US government.

The minimum amount you can get with a regular 203k loan is $ 5000.

You could also get a 203k loan from a bank and you're only looking at 5 % -15 % down and deferred interest plus a lower rate.

Also about 203k's, the lender who pre-qualified me said that 203k loans are hard to get and that one must use a licensed contractor to do the jobs.

Ken the fact that it is a 203k makes more sense as these type of loan are much more rigorous to get.

I believe he is trying to get something called a 203K loan which would enable him to get needed repairs done on house and maybe this is a factor.

Yes, it does require a little more paper work with the FHA, need to have the 203K Consultant involved and handle inspections / appraisals and such, but the fact that I can get into a property, have up to 6 months of mortgage payments included in the cost of the loan so that we don't have to worry about double rent / mortgage payments, rehab my primary residence the way we like it, save a 1930 - 1940's era farm house, and then refi into a conventional cash out mortgage later on and use that equity to go buy rental properties... nice way to get started, without having to put up a lot of cash or live next to tenants / in town (I'm a RURAL kinda guy).

Before you get into the weeds about FHA 203k, I'd suggest first ensuring that you are qualified for a vanilla FHA loan.