203k

203K HUD Consultant and the Streamline Renovation Loan

With FHA HUD 203k Renovation Loan there are two types of products; Streamline and Standard (also known as Full 203k). FHA HUD requires the use of a 203k Consultant for a Full or Standard loan product, but does not mandate a consultant as a requirement for a streamline loan product. However some lenders do require the use of a consultant to do a streamline loan even though FHA may not. The 203k...

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A 203k HUD Consultant Provides More Bang for Your Buck

The added benefits of a 203k HUD Consultant.

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What items remain ineligible for the Streamline program?

Properties that require the following work items are not eligible for financing    under the HUD FHA  Streamline 203(k): Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall; New construction (including room additions); Repair of structural damage; Repairs requiring detailed drawings or architectural exhibits; Landscaping or similar site amenity...

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Streamline 203(k) Limited Repair Program

FHA’s Streamlined 203(k) program permits home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.  Actual repair costs will max out around $28k, as...

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FAQ regarding the 203(k) loan

Is there anyone available who can prepare the work write-up? Yes. The work write-up or scope of repairs,  is required to be completed by a HUD-approved 203(k) consultant for the standard 203(k) program.  Glenn Schwartz & Associates is an approved HUD consultant. The work write-up for the Streamline (k) is not required to be completed by a HUD-approved consultant but, the borrower may...

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Full 203(k) Mortgage with a HUD Consultant

Eligible Activities are Purchase & Refinancing: The extent of the rehabilitation covered by Section 203(k) insurance may range from relatively minor (though exceeding $5000 in cost) to virtual reconstruction: a home that has been demolished or will be razed as part of rehabilitation is eligible, for example, provided that the existing foundation system remains in place. Section 203(k) insured...

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What is a 203(k) Rehab Mortgage?

There are two types of the 203(k) Rehab Loans: A Full 203(k) and a more limited Streamline 203(k).  The differences between these two types of loan programs vary slightly; a HUD Consultant being required on a Full 203(k) Renovation Loan and not required on a Streamline 203(k) Loan, however some lenders do require a Consultant on Streamline Loans. The Full 203(k) will allow for structural...

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FHA 203(k) Renovation Loans

FHA 203(k) Renovation Loans

Glenn Schwartz & Associates has a top notch experience level with 203k renovation loans. Having performed hundreds of inspections and work write-up’s; this is the consultant you want on your team for a successful renovation project.

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