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Question by vballbaaabee: FHA 203K mortgage with a Homesteps Foreclosure home?
Looking to buy a home and DIY rehab, viagra buy the realtor mentioned that since the home was already a Homesteps property that we would be able to get the mortgage and rehab mortgage all in one.
Anyone with experience able to offer any input into this?
Best answer:
Answer by golferwhoworks
So your realtor thinks they are a mortgage professional? 203 K loans require a contractor amd bids in the file. There is no do it yourself type of 203K loans. The easiest is a streamline 203 K where the rehab is less than $ 25.000 but either you or the contractor must put up the materials cost and then have that work inspected before funds will be disbursed. If the rehab is over that amount then there are draws at certain intervals for the repairs.
Realtors should only sell homes and not be loan originators when they are not
I am a mortgage banker in TN
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Jesselton Condominium Front View
Image by thienzieyung
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Stated Income Home Equity Loan
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homeowners facing the loss of their homes because of financial distress often rely primarily because a new credit line to stop the foreclosure. In fact, they try a debt problem by more debt, refinancing their mortgage to get or take out a personal loan or car title loans to pay back the money to resolve the arrears. There are a number of loan products that they qualify to even be able, if the foreclosure process is not too far away, but home and apartment owners should carefully consider their options for foreclosure loans to ensure they are always in an affordable payment and not simply the inevitable. The first obstacle is that a homeowner is facing a financial crisis, it is to overcome a low credit score. Although your credit may reasonably healthy in the early stages of distress, if they start missing mortgage payments, their credit score will drop drastically and it will be very difficult to get any type of loan, mortgage or otherwise. That will force them to alternative funding sources such as private real estate investors, subprime lender that specializes in rescue operations, or hard money lenders who offer no trust conditions favor the homeowner must. The qualification guidelines are dramatically more difficult to meet, and the costs for these types of mortgages may seem very expensive. In addition, the current crisis in the foreclosure real estate market has prompted many lenders out of business, and many more …
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