technoradio.org

Handling your 203K Mortgage

To get the 203K mortgage pushed through you will need to follow some simple rules.

1. Complete 203k maximum mortgage worksheet. This will require 2 $150 inspection and 2 $150 title endorsements. On top of that you will be required to maintain a 10% contingency account for all work being done to the property.

2. Complete a FHA case number.

3. Gather bids on the labor and materials broken down into categories. All contractors and materials will be listed individually.

4. Contractors to provide evidence of licensing/credentials to complete required work.

5. All work requires a W-9 to be filled out by contractor.

6. Contractors are required to maintain insurance and bonding during this process.

If you can handle all of this then you should have no problem completing a 203K loan. There should be plenty of homes coming onto the market thanks to home having underwater Mortgages.

March 29th, 2010

Posted by admin in Real Estate | No Comments »