Posts By Jonathan Blackwell(203K Expert)
Location
Georgia
Phone: 404-551-3845
Posts
Turning a house into a dream home – that is the power of FHA 203K renovation financing. From extra bedrooms to a kitchen update, a family room to a luxurious master bath, from a modest expansion to full on ground up remodel, FHA 203K renovation financing offers homeowners a cost effective way to fulfill their unique vision.
I’m trained, I know how to paint, I was a carpenter in college, I’ve been doing this for years. I’ve heard all the reasons as to why homeowners should be able to complete their own renovations. I sympathize, I really do. I want you to be responsible for renovating your own house. However, today I want you to realize why this presents a problem, why underwriters don’t want you to try and why many FHA 203k lenders don’t allow it.
There are a couple of valid and pertinent reasons why underwriting has a problem with you doing your own renovations and why FHA 203K self help is against the rules at many lenders.
Current home owners are short on choices when it comes to paying for a renovation. Essentially, you have four options. You can; for pay for it out of pocket, you can put it on a high interest credit card, you can pray your home still has enough equity to take out a home equity line of credit OR you can refinance into a FHA 203k Renovation Loan.
How Much Do I Qualify For? How much can I borrow is one of the most frequent questions I am asked. There are two things to consider when you are looking to purchase via FHA in Georgia or Alabama. First, you’ll be limited by FHA loan limits. These are county specific. For example an Atlanta [...]
Yep, you read it right. Straight up FHA Purchase Loans require a higher down payment than a FHA 203K Renovation Loans do. Is there really any reason not to talk to an expert about a Georgia FHA 203K Renovation Loan? I’d bet that most houses on the market today could use an upgrade somewhere.
Contractor selection is one of the most important aspects of your Georgia FHA 203K loan. There are things that you need to look for in the right FHA 203K contractor as they can mean the difference in a successful or unsuccessful FHA 203K renovation. 1.) Are They Properly Licensed & Insured? — To complete a [...]
One look at my wilted pathetic lawn last summer said it all, either I hated yard work or water around Atlanta was in short supply. We Georgians felt what our friends on the left coast had been feeling for some time as we watched our lakes dwindle, our thirsty lawns crisp in the hot Georgia sun and our parched gardens die in the sweltering summer heat. We didn’t get it at first, we complained about watering restrictions and khaki colored grass…
However, for many first time home buyers one of the easiest and most profitable ways to purchase a home is to focus on the HUD foreclosure market. Why? Because in Georgia HUD Homes are available at HUGE discounts and for only $100 down!
Home buyers looking to purchase via FHA financing in Atlanta need to act fast if they plan on taking advantage of the increase FHA loan limits set in the Housing & Stimulus Bill passed in 2008. That bill has set our single family limits at $346,250, but that number will be lowered to $320,850 starting [...]
The bevy of 100% financing options that were available as recently as a year or two ago, for the most part, have gone the way of the Edsel. They are extinct, for the time being at least. They may have disappeared with many of the rest of the loan programs we had grown accustom to, but that doesn’t mean you still can experience the dream of home ownership with little to no money down with FHA or USDA Rural Financing in Georgia and Alabama. Here’s how…
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