You found a house you would really like to buy. The house is in a great Delaware neighborhood, it’s perfect for your size family, but it needs some work. You don’t have tons of cash to make the repairs and upgrade the kitchen or other rooms and still make the down payment. You need a mortgage that works for you. Good news!
There is a way to make your purchase a reality. Check out our FHA 203K.
Sometimes when you mention FHA 203K loan program many clients and realtors alike have the idea it is a difficult process. For some lenders, it might, but those who understand, an FHA 203K is the perfect mortgage product to purchase a not so perfect house in Delaware.
So here are the 7 things you need to do to get your FHA 203K Loan:
1. Contact a qualified FHA 203K Lender and get pre-approved.
2. Hire a professional realtor to find you a suitable property.
3. Get an appointment with a 203K Consultant. If the project is less than $35K, you may not need a consultant, but our experience has shown they are well worth retaining. The consultant creates a ‘job specification and bid request’. The consultant lists out the repairs and items needed to complete the work needed to repair and get the house ready.
4. Get contractor bids. Use the job specification and bid request as your basis for estimates. We suggest using a general contractor who will co-ordinate all facets of the work. Each contractor must be licensed and approved by lender.
5. Choose the contractor. Most often your loan consultant can provide you a list or you can get your own. Keep in mind the contractor must be licensed and insured. As the buyer, you are not allowed to do your own work, unless you are a licensed contractor and approved by lender.
6. Order the appraisal. We the lender, will order a FHA approved appraiser. Once value is completed, we can proceed to close the loan in order for the renovations to begin.
7. Contractor will begin the renovations. Once the work begins, there will be several inspections called, draw requests, which will be used as the basis for getting the work completed in a timely manner.
We are ready to assist you in adding the best value to your new home. We are lending experts who specialize in the FHA 203 (k) loan process. Together we have an extremely knowledgeable team of experts who know all of the governmental requirements of the 203 (k) process and we will assist you every step of the way to make sure that you will receive all of the monies you need to complete the job correctly and on time.
Let us know if you would like to see if you qualify: CLICK HERE
To learn more about the program, just click on the button below or give us a call at 302-266-9500 or toll free 877-266-9500.