Aug
01
need to write contract for fha 203k Realtor and lender seem to have no clue?
Byfound a great home, short sale already approved and contract fell through, turns out they have until tomorrow to get a new contract submit.i want to submit but inside needs a bit of work, new carpeting, painting, appliances, fumigation, remodel bathrooms.possibly turn master bedroom half bath into full bath if possible (that’s the one biggie). how does 203k streamline work? does pre-approval letter need to include renovation amount? say i offer 200k and need 20k to renovate, does preapproval letter sent to bank need to state 220k?realtor and loan officer/broker both seem clueless on this.can i do 203k streamline or doe sit have to be traditional 203k?














2 Comments
August 1st, 2009 at 5:26 pm
I would suggest you change realtor and lenders now! Any good lender knows the in and outs of 203k loans. It is a separate loan,
August 2nd, 2009 at 9:51 am
Go to HUD Website and look up FHA 203K Consultants.
Always, contact an FHA Approved 203K Consultant first.
The Consultant should be able to help.
Jose S. Guerrero
HUD/FHA 203K Consultant
Austin, Texas