Posted on: 03rd Oct, 2009 04:13 pm
Hello Members,
My finances and income do not allow me to get a 203K loan from my mortgage company, I am a first time home buyer and we are trying to purchase a bank owned foreclosure which requires a 203K rehab loan,
repairs costs about 15K - 20K,
Are there any alternatives to a 203K loan besides paying all cash,
I have heard something called a "streamlined 203K, or even a conventional loan product, are these actual alternatives ? Please advise.
Thankyou all
Ric
My finances and income do not allow me to get a 203K loan from my mortgage company, I am a first time home buyer and we are trying to purchase a bank owned foreclosure which requires a 203K rehab loan,
repairs costs about 15K - 20K,
Are there any alternatives to a 203K loan besides paying all cash,
I have heard something called a "streamlined 203K, or even a conventional loan product, are these actual alternatives ? Please advise.
Thankyou all
Ric
203K loan is mainly for repair and construction
WHat you cna do its uy the house with a regualr mortageg and later apply for smaller laon for repairs
WHat you cna do its uy the house with a regualr mortageg and later apply for smaller laon for repairs
Hi krenzelr!
Welcome to forums!
As far as I know, Streamlined 203(k) program of FHA allows owners to finance up to an additional $35,000 into their mortgage so that they can improve or upgrade their home before they move-in. Thus, home-buyers can tap into cash to pay for property repairs or improvements which are identified by a home inspector or FHA appraiser. So, you can contact your lender and check out if you can qualify for the Streamline 203(k) loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, Streamlined 203(k) program of FHA allows owners to finance up to an additional $35,000 into their mortgage so that they can improve or upgrade their home before they move-in. Thus, home-buyers can tap into cash to pay for property repairs or improvements which are identified by a home inspector or FHA appraiser. So, you can contact your lender and check out if you can qualify for the Streamline 203(k) loan.
Feel free to ask if you've further queries.
Sussane
What is the reason you can not get an FHA 203k loan?
An FHA 203K streamline has the same credit score and debt ratio requirements as an FHA 203k streamline mortgage. The FHA 203k is often easier to get than the FHA 203k streamline.
Perhaps, if you gave us some insight as to why you can not get the FHA 203k, we could better advise you. The FHA 203k streamline is for the reoair of some simpler items--painting and carpeting and appliances. If what you need to do is much more involved than that, the FHA 203k is often required.
What type of repairs need be done or are you looking to be done?
An FHA 203K streamline has the same credit score and debt ratio requirements as an FHA 203k streamline mortgage. The FHA 203k is often easier to get than the FHA 203k streamline.
Perhaps, if you gave us some insight as to why you can not get the FHA 203k, we could better advise you. The FHA 203k streamline is for the reoair of some simpler items--painting and carpeting and appliances. If what you need to do is much more involved than that, the FHA 203k is often required.
What type of repairs need be done or are you looking to be done?
it seems finances (credit, perhaps) and income (high debt, perhaps) are the culprits here. certainly, as you noted, john, qualifying for a streamline K or a consultant K is the same; so if you can't get one, you can't get the other.
there are no alternatives that i'm aware of, unless some of those sub-620 lenders who pop up here continuously might have the ability to help out in cases like this.
there are no alternatives that i'm aware of, unless some of those sub-620 lenders who pop up here continuously might have the ability to help out in cases like this.
The problem is my income it is quite low, what are my options for getting a 203K loan please
FHA streamline 203k loans offers benefits to those borrowers who want to buy homes but are not able to provide with the down payments as they are fresh college graduates or students who are trying to complete their education. You can check out with your local lenders if they would help you with a FHA 203k loan though you've a low income. It will depend upon your lender's discretion whether or not he would give you a loan.
guest, you apparently lack the concept of a 203(K) loan. it has nothing to do with "fresh college graduates or students who are trying to complete their education." a 203(K) loan is for the rehabilitation or renovation of a home. said home can be one that is being purchased, or a current homeowner can do remodeling with the help of one of these loans.
are cosigners allowed who are not occupying the property ?
Chris, non-occupant cosigners are permitted--must be a relative, not just any person.
It is a proven rehabilitation loan that works, all the components you need for the purchase or refinance of a home that is at least one year old is in place: it is an extraordinary loan product, it is only limited to your imagination. Here is an article I wrote a while back on your topic: "http://www.examiner.com/x-12359-Indianapolis-Mortgage-Examiner~y2009m6d3-FHA-Streamline-K"
[Link deactivated as per forum rules. Thanks.]
[Link deactivated as per forum rules. Thanks.]
