Fha Advice
Common Misconceptions FHA 203K Rehab Mortgages
Posted in FHA Advice on January 14, 2012
By: Jeff Onofrio
Saturday, December 17, 2011
There's some really big misconceptions regarding the FHA 203k mortgage, we’re going to talk about a few here.
The first one is that the FHA 203k rehab mortgage is hard.
It’s not! This isn’t rocket science guys, it’s really not that hard. The truth is the program really comes down to the people that are involved and the people that you have working with you on the project. If you have a le ...
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FHA 203K...The Contingency Reserve
Posted in FHA Advice on January 14, 2012
By: Jeff Onofrio
Thursday, January 5, 2012
What’s The Contingency Reserve?
The Contingency Reserve is something that needs to be addressed because it’s an extremely important part of the FHA 203k loan. The Contingency Reserve is there for cost overruns- it is a component that is put in place to protect the home buyer or home refinancer in case of additional costs or expenses that may arise as a result of the rehab.
How Much?
...
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FHA 203K Mortgage and the Importance of a Good 203K Consultant
Posted in FHA Advice on January 14, 2012
By: Jeff Onofrio
Friday, November 4th, 2011
If you have read any of my other blogs you will have seen that I write about all the interested parties in the FHA 203k process. Today I want to highlight one of the most important and sometimes over looked parties. That is the FHA 203k Consultant. In NJ, PA and DE I use Mike Grace (you can click his name and be taken to his LinkedIn profile page).
The FHA 203k Consultant plays an integral part in the FHA 203 ...
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Have you seen the show "Property Brothers" on HGTV?
Posted in FHA Advice on January 14, 2012
By: Jeff Onofrio
Monday, December 19th, 2011
I got really excited one day when this new show came out called the “Property Brothers.” I swear when I watch the show I think that I may actually be related to these guys in one-way or another. I believe I might be the third brother- the one that nobody knows about- the one that helps you to be able to finance the projects that these guys are doing!
So what do you think? Ok- so maybe I don’t really re ...
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What is a FHA 203K mortgage?
Posted in FHA Advice on January 14, 2012
By Jeff Onofrio
Saturday, December 24th, 2011
What exactly is an FHA 203k mortgage?
An FHA 203k mortgage is essentially a regular FHA mortgage. However, it has a special component which is an escrow account that allows the customer to be able to purchase or refinance a property and rehabilitate or renovate that said property. This little piece that’s attached to the loan allows the customer to be able to do awesome projects! Things as simple ...
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