Fifteen years ago I built a house in Gilmanton, NH. We were young and had a limited budget, so we decided to be the general contractors and often the construction workers as well. We cleared the land, mapped out the foundation, hired all of the contractors, filled out all of the paperwork and the list goes on. We used word of mouth and our own limited vetting skills to hire contractors, plumbers, electricians, and carpenters. I am sad to report that more than one of the “professionals” that we hired did not complete their work, didn’t show up on the days they were scheduled and requested payments that far exceeded their initial bids. Our lack of experience and knowledge cost us lots of time and money! In hindsight, I would definitely hire a general contractor, I wish I had, had someone to guide me through the complex process.Continue reading “The Consultant in Your Corner: What is Required to Become a 203k Consultant and Why You Need One!”
With today’s dwindling housing supply, many homebuyers are considering “fixer-uppers.” However, after closing on a traditional loan, many people–especially first-time homebuyers–lack the funds needed to make to make the required renovations. But thanks to the HUD 203(k) and Fannie Mae Homestyle rehab loans, the dream of owning a home is becoming a reality for more people. But which is the best option for you? In this month’s blog, the experts at Advanced Home Inspection compare the HUD 203(k) and Fannie Mae HomeStyle rehab loan.
Both HUD 203(k) and Fannie Mae HomeStyle rehab loans are available for purchase and refinance transactions. And while both are essentially “one time close construction loans,” each allows for different repairs and carries different requirements.
This guide will help you find the best rehab loan for your needs.
Continue reading “Rehab Loan Options: HUD 203(k) vs. Fannie Mae Homestyle Loan”
HUD’s Section 203(k) loan program is one of many FHA programs that make mortgage credit available to borrowers who are buying or refinancing houses in need of repair or modernization.
Unlike conventional rehab programs, the 203(k) has the same relaxed credit- and income-qualifying and low-down payment guidelines as other FHA loan programs. The program is ideal for those who may not otherwise qualify for conventional loans due to income, credit, and/or down payment limitations.
On our News/Resources page, we’ve included links to helpful sections of the Department of Housing and Urban Development website for those seeking more detailed information.