Here's everything you need to know about FHA loans so you can make sure you don't run into any issues when you're ready to qualify → ruclips.net/video/S-v9ZxJevfo/видео.html
Kinda confused still, do I need to take care of the health hazards like mold and paint BEFORE applying for a 203k or are those repairs the purpose of the 203k?
Hi my husband and I recently bought a house and received a 203k loan. The lender disbursed half of the loan to get us started with the rehab work, however they will not disburse the remainder under the work is complete. This confuses me, because we need the money in order to complete the work. Can you advise us please?
Dude you’re the best!! For sure the #1 resource for mortgage info on RUclips! I really appreciate your engagement with us- I will definitely be using this video as a reference to help me move forward efficiently and competently
This is just upsetting. My husband has better than 580 score and still being refused 203k seriously wondering why. We can even put 10% down but we are just told no. No reasons just no! I’d love to know of lenders who do 203k loans.
I think most mortgage brokers don’t want to deal with the hassle and paperwork. That’s the answer I pretty much got from my lender even after I took my license to show I was a contractor.
This is the only option that worked for me in this current market. I’m a single parent, and didn’t have money to compete with other buyers, who were overbidding on old rundown homes. Plus they only wanted cash or conventional buyers. I’m currently waiting for my closing date on my foreclosed split level home. Not bad for my 1st home. 😏
Hi Nitta! I would love to hear about your experience with this type of loan! I have experienced a lot of what you went through before you decided to renovate your home.
0:20 Overview 0:43 2 versions of the FHA 203k 1:46 Credit score requirements 2:50 The big benefits of FHA 203ks 3:45 What can you fix? 4:57 FHA's list of repairs you can do 6:21 How much can you borrow? 7:56 Can you do the work yourself? 8:38 Sweat equity 9:03 Bids and the contractor 9:24 My honest opinion of 203ks 9:50 How long it takes to close 10:49 How long does it take for work to be completed? 11:15 FHA 203k rates and refinancing 12:28 Alternatives 13:15 203k example and who this loan is for 14:40 8 steps to close on a 203k 16:44 How to qualify for an FHA loan
Late response to this video, but I can't seem to find an answer to my question. For the contractor to start working on the rehab of the home, are funds already disbursed and provided for the Contractor to rehab, or do we have to provide those funds up front to the Contractor and then get reimbursed by the FHA loan?
@@Gotfish there are some occasions when the 203k Consultant will allow a contractor to get an early Demo draw but for the most part, the contractor has to float his money until demo has been completed, checked, and approved. Then the Consultant will release the first draw. From there he/she will work on the next items in order to be checked for the next draw. This repeats until the project in finished. Once checked thr last time, the contractor will get their final draw.
@@donnyp3346 in theory yes. However you'd have to package your story to make it make sense for the underwriter. 1 method I learned from "MG the Mortgage Guy" is his 4-3-2-1 Method. You buy a quad(4-plex) live in it for 1 year, then refinance to a conventional loan. Then buy a tri-plex, live it for 1 year, then refinance to a conventional. Then buy a duplex, live in it for 1 year, then go buy your dream single family home. Once you get to that point, you'll have 9 doors paying for your dream home! It still has to make sense but typically when you move down in unit count, you move up in square footage per unit. This is viewed as an upgrade and easier to get approved.
so i currently have a fha loan property that is a multifamily that i purchased over a year with fha loan. its been 2 years now and i would like to buy another one with fha loan aswell, how do i do that?
When applying for an FHA standard 203k loan, what’s the best way to do that? Just going to their website? It’s a little hard to navigate. And when I do the research myself and the Internet recommends lenders to me, when I call them the person talking to me goes “oh I’m not sure about that”. I feel like I’m going in circles even at the starting point
Great video! I am a new LO and I am working with a contractor that specializes in ADUs. Homeowner is already living in home, so would 203k loans work in this situation? What loan(s) besides cash out refi would you recommend? ADU's cost anywhere from $180k-$380k here in CA.
203K FHA almost always carry a higher interest rate that normal FHA mortgage. I suppose if you get a house that is an absolute need of repair, and you'd need the immediate large amount of cash to rehabilitate the property before you can live in it, then it's worth it. Otherwise, if the home is relatively livable (good foundation, structural, plumbing, no molds, no termites, etc.) and able to be rehabilitated with a simple paint job and cleaning, you'd save much more on interest payment by going with a regular FHA and saving up and spending that money to fix the property to the way you want it to be. My lender always gave me different scenario between FHA, FHA limited 203k, and FHA standard 203k for every house that I offered on that needed work, just so we can make informed decision. Just my humble opinion.
It says that you need to have 2 years of employment in the same job. Could this be any job? Like could I work as a waiter for 2 years and get approved or does it need to be a higher level job?
Hello there, how are you Many Thanks for all this information. We are located in south Florida. Do you know anyone who can help us with the process in getting this 203k. We have a general Contrator license. We want to get further information Thanks for all your help!!!
I'm looking at a couple properties with old mobile homes on them. If I am to buy one of these my plan would be to scrap out and remove the old home from either lot. and replace with a new home. I don't know, can I rehab the LOT instead of the home? By using an FHA 203k loan or would I need a different type of loan? I think price may keep me in mobile homes but would go modular if I could.
So glad. A house came up in my current neighborhood where I’m renting but can’t afford to buy. I’m considering doing this. Have to see how much and what work needs to be done.
This is awesome! I currently flip homes. - I have one that we want to keep and live in. We need to close in less than 30 days. - The best option I see is an acquisition + rehab loan (HML). Then refinancing it into my personal name. - Any other ideas on a shorter timeline?
Great video, Kyle! Is it possible to buy a multi-unit with an FHA, then a year later get a single family with an FHA/203k? For example, buying a multi-unit as a single person then a year later your family size doubles and you need more space, but there aren’t any affordable options that meet your needs SOOOO you looked for affordable properties that you can improve. I saw your other video about 2 FHAs but I wonder how a 203k affects that. Thanks!
Thanks for the video. That was really helpful. What other ‘rehab’ loans or construction loans do you recommend for doing renovations? Or loans that can work in tandem with a conventional loan?
HELOCs are a popular way to finance home improvements, it is a secured loan & backed by your home. You can also qualify for lower interest rates than you would for an unsecured personal loan.
I am new to this channel. I am very interested in this type of loan. Do you know of any mortgage banks in Indiana that will approve these types of loans? I am a veteran and can't get approved or afford a move in ready home. I live on a pension. I desperately want my own home. If you can help me please, your assistance would be greatly appreciated.
Not for nothing, but your voice is what I'd imagine that my hypothetical therapist would have for a voice. If that makes any sense lol. Soft spoken dude .. it has almost a calming effect 😂
Thank you for your research for this video. It was very informative and very detailed. This video was exactly what I was looking for. Keep em coming sir
Hi Kyle, when seeking to get pre approved for a loan, does it matter if it's a FHA loan or conventional? Does the pre approval mean you have to get a certain type of loan?
Will 203k cover a house that's insides have been stripped down to its studs? Literally? No drywall, no ac, no heat; just the frame and the outside walls and roof. Looks like a completed house from the outside and but you go inside and its just frame.
Excellent video, very helpful. I'm curious after watching your FHA requirement video, if the standard FHA loan allows for a multi family 1-4 units, and the FHA 203k requires work to be started in 30 and completed in 6 months, how would this work in a multi with current tenants? Is there an extension/waiver for occupied units? Or does 203k lenders just not consider occupied multis for loan approval?
Kyle , I currently have a VA loan out that I have streamed lined twice and now Airbnb. I’m looking into purchasing a primary residence with a 203k. Would I be able to qualify for an fha loan while still having a VA ?
What if you purchase a duplex with an 203k loan? Can you live in the first unit and rent out the second unit, or will you have to wait until the first year has passed to have any tenants?
Hi there I would like to say few things thx for this great job and great information it’s helpful I love the way u put the content together I will recommend ur videos to my friends once again thank you 🙏 and be safe
Hi I hope you can answer this so I see this property that I’m interested in. Sellers only want cash or 203k financing. My issue is my income. I just started my part time job about 5 months ago and I got a offer letter for a full time job position that I accepted( didn’t start yet) somewhere else. How long do you need to be at a job to be income approved for this type of loan? How much money should I have in my bank account when they ask for bank statements?
Congrats on the new job. Lenders typically want to see 2 years of tax returns and will qualify you based on a average of those 2 years. They may consider the new employment but with no history to show, it'll be harder for them to accept it. The best thing to do is to ask a lender this question. Don't let them pull your credit.
It depends a lot on the type of job and pay. If W2 and guaranteed pay (hourly or salary) then usually 2 paystubs is sufficient. If you have only had part time work before this, the lender would likely look for a letter of explanation as to why part-time work and now full time (e.g. stay at home parent) and may require proof of education/training/licensing for this new position.
My husband and I have a property that we want a 203k loan for a home that is 80-90% finished, it’s in Tennessee. If we wanted you as our lender how do we go about that?
Hi Rachael! At the moment I'm not taking on personal clients, however I can connect you with a helpful loan officer if you'd like through this form www.winthehouseyoulove.com/apply
@@WinTheHouseYouLove It's my own fault. I thought I was watching a video on the USDA rehab loan (which IS a zero down loan). So, when you quoted the downpayment at 1:47, it confused me. Apologies.
Will this type of rehab loan work if you already reside in the home? Example in my situation my father's home is going through probate and is to be split by his heirs. I will be purchasing the home from the estate. The home is in need of repairs and I am very patient and would be willing to go through the 90 day process.
@@WinTheHouseYouLove Thank you so much! I was afraid you weren't aloud to already live there! I have so say your videos are the best! You've helped my journey, so much!
Glad it was helpful! You can also check out my updated FHA Loan Requirements video. Here's the link: ruclips.net/video/VXISYMYpfaI/видео.html&lc=Ugyx2D9rURVUwGRHd_V4AaABAg
Thank you so much for the video. Could you go more in detail about the flowchart at the end. Like appraiser, finding out arv, permits/OPRA, title search, building Inspector, etc. ?
Can you do 100% financing, aka no down payment with a much higher credit score? Im looking at buying a fixxer upper but dont want to put a down payment down and would like to do a loan like this for some renos!
I'm in California, is there any stipulations with FHA 203K Standard loans that does not allow down payment assistance? My lender claims I don't qualify for DPA because the repairs exceed $31K. I've been researching and haven't found anything to support that. It sounds like she's inexperienced with 203K and trying to process it as Limited as opposed to a Standard. Can anyone offer insight???
Hey Kyle, for a senior citizen who has some roof issues, would a cash out or HELOC loan be the way to go? I’m not really sure how the bank would be willing to lend me money since I’ve got some serious water damage. What should I look for loan wise?
What if you qualified for less than the LTV before you switched to 203k? Is my max loan that plus repairs? Or can I borrow more because the property is with more?
Can you do video on current homeowners !!!!!I want to pull equity out my first home, so what’s the best product to use, when I want to keep my first home, & rent it out and then move into a 4plex using the 203k loan
I love the video. You did a great job in explaining the FHA 203K loan and the process....Hi what if your family owns the property (house and Land) but you want to renovate the home. Do you have to put the property in your name. My family have a home that sits on 1.4 acres. I want to add a double car garage with living space and remove existing roof on existing home and create living space above. I looking at between 200-250k in repairs to update the home.
Fantastic information!! The way you presented everything was so clear and all encompassing. Can you use 203k to buy a multifamily home if you live in it?
Yes! Multi-family housing that needs rehab can be financed with the FHA 203k. The owner/mortgage holder must also live there. It must also be the owner's primary residence. Thanks for watching :)
Here's everything you need to know about FHA loans so you can make sure you don't run into any issues when you're ready to qualify → ruclips.net/video/S-v9ZxJevfo/видео.html
Kinda confused still, do I need to take care of the health hazards like mold and paint BEFORE applying for a 203k or are those repairs the purpose of the 203k?
Your truly the best wish you work out of New Jersey z😲
Hi my husband and I recently bought a house and received a 203k loan. The lender disbursed half of the loan to get us started with the rehab work, however they will not disburse the remainder under the work is complete. This confuses me, because we need the money in order to complete the work. Can you advise us please?
@@monique06608 you guys got a 203k loan without a contractor?
@@bbsvchic Hi, we have a contractor however we managed the money ourselves.
Dude you’re the best!! For sure the #1 resource for mortgage info on RUclips! I really appreciate your engagement with us- I will definitely be using this video as a reference to help me move forward efficiently and competently
Thanks so much!! I’m glad to help :)
Excellent informative video. I’m currently thinking about a major project in my home. This was very helpful.
Glad it was helpful!
Your awesome bro. Just gave a TUP! AND SUBSCRIBED,! You come across as very down to earth. That is very important to me, keeep it uppp,
Thank you so much!!
Can you move into the home before repairs are completed?
If habitable, yes
This is just upsetting. My husband has better than 580 score and still being refused 203k seriously wondering why. We can even put 10% down but we are just told no. No reasons just no! I’d love to know of lenders who do 203k loans.
I think most mortgage brokers don’t want to deal with the hassle and paperwork. That’s the answer I pretty much got from my lender even after I took my license to show I was a contractor.
If I purchase a home cash but it needs repairs and add a 2nd floor, can I request an FHA 203k loan?
Yes
@@WinTheHouseYouLove thank you
👍👍👍
👌
This is the only option that worked for me in this current market. I’m a single parent, and didn’t have money to compete with other buyers, who were overbidding on old rundown homes. Plus they only wanted cash or conventional buyers. I’m currently waiting for my closing date on my foreclosed split level home. Not bad for my 1st home. 😏
Wow! Thanks for sharing your story. :)
How many years of work history does it required ?
Update. Thinking about doing this as well
Hi Nitta! I would love to hear about your experience with this type of loan! I have experienced a lot of what you went through before you decided to renovate your home.
Not bad at all 🎉
Sober videos like this is what makes the internet worthwhile.
Thank you for not posting reaction video for idiots.
Hahaha man I hate those reaction videos and thumbnails with dumb, surprised faces
0:20 Overview
0:43 2 versions of the FHA 203k
1:46 Credit score requirements
2:50 The big benefits of FHA 203ks
3:45 What can you fix?
4:57 FHA's list of repairs you can do
6:21 How much can you borrow?
7:56 Can you do the work yourself?
8:38 Sweat equity
9:03 Bids and the contractor
9:24 My honest opinion of 203ks
9:50 How long it takes to close
10:49 How long does it take for work to be completed?
11:15 FHA 203k rates and refinancing
12:28 Alternatives
13:15 203k example and who this loan is for
14:40 8 steps to close on a 203k
16:44 How to qualify for an FHA loan
🎧 Listen To The Podcast
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www.winthehouseyoulove.com/free
I believe you have to live there a year
I'm wondering can you keep repeating the process or will FHA SAY NO YOU CANT KERP FLIPPING THEM DO YOU KNOW
Late response to this video, but I can't seem to find an answer to my question. For the contractor to start working on the rehab of the home, are funds already disbursed and provided for the Contractor to rehab, or do we have to provide those funds up front to the Contractor and then get reimbursed by the FHA loan?
@@Gotfish there are some occasions when the 203k Consultant will allow a contractor to get an early Demo draw but for the most part, the contractor has to float his money until demo has been completed, checked, and approved. Then the Consultant will release the first draw. From there he/she will work on the next items in order to be checked for the next draw. This repeats until the project in finished. Once checked thr last time, the contractor will get their final draw.
@@donnyp3346 in theory yes. However you'd have to package your story to make it make sense for the underwriter. 1 method I learned from "MG the Mortgage Guy" is his 4-3-2-1 Method.
You buy a quad(4-plex) live in it for 1 year, then refinance to a conventional loan.
Then buy a tri-plex, live it for 1 year, then refinance to a conventional.
Then buy a duplex, live in it for 1 year, then go buy your dream single family home.
Once you get to that point, you'll have 9 doors paying for your dream home! It still has to make sense but typically when you move down in unit count, you move up in square footage per unit. This is viewed as an upgrade and easier to get approved.
When does the mortgage payment begin; during the repairs or after you move in?
Omg, I love how you put the content together! You are amazing at explaining things. Just gave you the 200th 'like' and going to subscribe :)
Thank you so much!!
Thank you! Would love to see a video on Fannie Mae HomeStyle Renovation loan as well :)
Noted!
so i currently have a fha loan property that is a multifamily that i purchased over a year with fha loan. its been 2 years now and i would like to buy another one with fha loan aswell, how do i do that?
Thank you! Would love to see one for Fannie Mae Homestyle Loan 🙏🏽
When applying for an FHA standard 203k loan, what’s the best way to do that? Just going to their website? It’s a little hard to navigate. And when I do the research myself and the Internet recommends lenders to me, when I call them the person talking to me goes “oh I’m not sure about that”. I feel like I’m going in circles even at the starting point
My man! I believe that I am one of the big reasons this video came out if I do say so myself, haha. Just joking, but great video, Kyle!
You definitely tipped the scales!! Thanks for watching and suggesting!!
Appreciate the information! Thanks!
You’re welcome :)
Great video! I am a new LO and I am working with a contractor that specializes in ADUs. Homeowner is already living in home, so would 203k loans work in this situation? What loan(s) besides cash out refi would you recommend? ADU's cost anywhere from $180k-$380k here in CA.
203K FHA almost always carry a higher interest rate that normal FHA mortgage. I suppose if you get a house that is an absolute need of repair, and you'd need the immediate large amount of cash to rehabilitate the property before you can live in it, then it's worth it. Otherwise, if the home is relatively livable (good foundation, structural, plumbing, no molds, no termites, etc.) and able to be rehabilitated with a simple paint job and cleaning, you'd save much more on interest payment by going with a regular FHA and saving up and spending that money to fix the property to the way you want it to be. My lender always gave me different scenario between FHA, FHA limited 203k, and FHA standard 203k for every house that I offered on that needed work, just so we can make informed decision. Just my humble opinion.
It says that you need to have 2 years of employment in the same job. Could this be any job? Like could I work as a waiter for 2 years and get approved or does it need to be a higher level job?
It doesn't have to be in the same job. And they don't look at "levels" of jobs. It can be any job :)
Hello there, how are you
Many Thanks for all this information.
We are located in south Florida. Do you know anyone who can help us with the process in getting this 203k. We have a general Contrator license. We want to get further information
Thanks for all your help!!!
I'm looking at a couple properties with old mobile homes on them. If I am to buy one of these my plan would be to scrap out and remove the old home from either lot. and replace with a new home. I don't know, can I rehab the LOT instead of the home? By using an FHA 203k loan or would I need a different type of loan? I think price may keep me in mobile homes but would go modular if I could.
So glad. A house came up in my current neighborhood where I’m renting but can’t afford to buy. I’m considering doing this. Have to see how much and what work needs to be done.
Awesome!
Im studying for my NMLS. took the class online. Your videos are GREAT to clear up some info and reinforce it all.. THANK YOU KYLE!
Thanks so much!!
This content is now the reason we feel more confident in this being the right choice for us! Ty Kyle :)
I love to hear that. Thank you for watching!!
Can I use a 203K loan if my home is not a fixer upper? If I wanted to do an addition to my house would that qualify for the 203K loan?
You sure can!
Can I buy a home with a conventional loan then refinance into this 203k program? Going to be hard to find a seller willing in this hot Phoenix market.
This is awesome! I currently flip homes. - I have one that we want to keep and live in. We need to close in less than 30 days. - The best option I see is an acquisition + rehab loan (HML). Then refinancing it into my personal name. - Any other ideas on a shorter timeline?
Do you recommend hiring a 203k consultant? My realtor said it is worth it for the first deal I do even though it costs a bit of money. Thoughts?
You'll need one if the project exceeds $35k in repairs
Great video, Kyle! Is it possible to buy a multi-unit with an FHA, then a year later get a single family with an FHA/203k? For example, buying a multi-unit as a single person then a year later your family size doubles and you need more space, but there aren’t any affordable options that meet your needs SOOOO you looked for affordable properties that you can improve. I saw your other video about 2 FHAs but I wonder how a 203k affects that. Thanks!
Thanks! You certainly can :)
Thanks for the video. That was really helpful. What other ‘rehab’ loans or construction loans do you recommend for doing renovations? Or loans that can work in tandem with a conventional loan?
HELOCs are a popular way to finance home improvements, it is a secured loan & backed by your home. You can also qualify for lower interest rates than you would for an unsecured personal loan.
Can I just say I love ur videos, the way u explains things is just awesome.
Thank you so much 😀
The house we have under contract has the utilities turned off...at what point can we get them turned on? Can I live in the house during contraction?
Do you start paying your mortgage once u move in or do have to pay mortgage regardless while thier rehabing??
Thank you soooo much for this easy to understand video!
You are so welcome!
Great video again!! If the contractor takes 6 months to finish the project will I be making monthly payments for those 6 months?
Thanks! Since the 203k closes before work is done, you'll have to start paying back the loan after it closes even if the work takes a few months.
Much respect. This is a solid youtube video no fluff just presentation
Glad you enjoyed it!
Your the only RUclipsr I have to pull out a pin and paper with ....and you know what I’m not even mad 😂😂 great videos full of useful factual info .
Hahah welcome back to school. Thanks for watching!
Kyle Seagraves → winthehouseyoulove.com
Thought I was the only one
Where can I find the info where 6 months of payment can be deferred? Till after the rehab is done.
You can’t sell the property after just a year or two? Will you gain profit from it?
I am new to this channel. I am very interested in this type of loan. Do you know of any mortgage banks in Indiana that will approve these types of loans? I am a veteran and can't get approved or afford a move in ready home. I live on a pension. I desperately want my own home. If you can help me please, your assistance would be greatly appreciated.
www.mottomortgage.com/offices/experts-indianapolis/
@@WinTheHouseYouLove thank you.
What about Missouri (st Louis)?
Vet...zero down
Wow so glad I found you one this subject ❤❤
Not for nothing, but your voice is what I'd imagine that my hypothetical therapist would have for a voice. If that makes any sense lol. Soft spoken dude .. it has almost a calming effect 😂
Hahah thanks
Thank you for your research for this video. It was very informative and very detailed. This video was exactly what I was looking for. Keep em coming sir
Glad it was helpful!
can you buy a foreclosure with a 203k loan?
Or you keep the house, love it and make it your own!!
He forgot one thing.
Spend the 600$. Get a consultant. He will be the middle man between you and contractor.
Worth. Every. Penny.
Great addition
Do you have to be a first time home buyer? Or can I do this many times?
Hi Kyle, when seeking to get pre approved for a loan, does it matter if it's a FHA loan or conventional? Does the pre approval mean you have to get a certain type of loan?
Hey! The pre-approval will tell you which types of loans you qualify for :)
Will 203k cover a house that's insides have been stripped down to its studs? Literally? No drywall, no ac, no heat; just the frame and the outside walls and roof. Looks like a completed house from the outside and but you go inside and its just frame.
203k Standard will work for this
Nice video Kyle
Glad you enjoyed it!
Thanks for the vid. I’m battling as a first time homebuyer if I should do this loan.
Best of luck!
Excellent video, very helpful. I'm curious after watching your FHA requirement video, if the standard FHA loan allows for a multi family 1-4 units, and the FHA 203k requires work to be started in 30 and completed in 6 months, how would this work in a multi with current tenants? Is there an extension/waiver for occupied units? Or does 203k lenders just not consider occupied multis for loan approval?
I believe they do you just have to live in one of the units.
Hmm, I'm not completely sure. You'd likely need to talk to an attorney about navigating the occupancy issues
Could one utilize the 203k on a home they already have a mortgage on and live in ?
"Sweat equity"? What is that? How does it differ from normal equity?
www.lendingtree.com/home/mortgage/how-to-use-sweat-equity-to-get-a-mortgage-with-no-down-payment/
Gawd I hate when you can hear every swallow a person makes on the mic 😬
But this is great info when you can get past the mouth noises ☺️🙃
Sorry about that, you can check my new videos if it's still the same. I hope there's an improvement. Thanks for watching. :)
Do I need to verify income for this loan?
Say you purchase a small home with 2 bd 1 bath could you do an addition with the 203k loan?
Yep!
Any changes for these loans on 2023?
Kyle , I currently have a VA loan out that I have streamed lined twice and now Airbnb. I’m looking into purchasing a primary residence with a 203k. Would I be able to qualify for an fha loan while still having a VA ?
Va renovation loan
What if you purchase a duplex with an 203k loan? Can you live in the first unit and rent out the second unit, or will you have to wait until the first year has passed to have any tenants?
You can live in the first unit and rent out the second immediately :)
My guy deserves more subscribers! I'm in the process of purchasing my first home and appreciate you sharing your knowledge.
Awesome! Thank you!
If you get a fha loan and stay in that property for one year. Can you refinance if you did a chapter 7 bankruptcy three years prior?
You betcha
Hi there I would like to say few things thx for this great job and great information it’s helpful I love the way u put the content together I will recommend ur videos to my friends once again thank you 🙏 and be safe
Thanks so much for watching and commenting! I'm glad it's been helpful!
Kyle Seagraves → winthehouseyoulove.com
Win The House You Love 🙏🙏🙏🙏🙏🙏👍👍👍👍👍👍
Can you move in before the repairs are done? If the whole house has been redone except for let's say the basement needs redone
I'm not sure if this is safe, but you can ask your contractors about this.
What would a ideal monthly payment cost be like on a FHA loan with a 5-10% down payment on a home ranging from 100-150k?
Here's a good plug-and-play calculator: usmortgagecalculator.org/
What are my rehab options for a house that I already own free and clear with no mortgage?
Same as this video
1 minute in and i know its orderly and structured commentary
Thanks for watching. :)
Hi I hope you can answer this so I see this property that I’m interested in. Sellers only want cash or 203k financing. My issue is my income. I just started my part time job about 5 months ago and I got a offer letter for a full time job position that I accepted( didn’t start yet) somewhere else. How long do you need to be at a job to be income approved for this type of loan? How much money should I have in my bank account when they ask for bank statements?
Congrats on the new job. Lenders typically want to see 2 years of tax returns and will qualify you based on a average of those 2 years. They may consider the new employment but with no history to show, it'll be harder for them to accept it. The best thing to do is to ask a lender this question. Don't let them pull your credit.
It depends a lot on the type of job and pay. If W2 and guaranteed pay (hourly or salary) then usually 2 paystubs is sufficient.
If you have only had part time work before this, the lender would likely look for a letter of explanation as to why part-time work and now full time (e.g. stay at home parent) and may require proof of education/training/licensing for this new position.
My husband and I have a property that we want a 203k loan for a home that is 80-90% finished, it’s in Tennessee. If we wanted you as our lender how do we go about that?
Hi Rachael! At the moment I'm not taking on personal clients, however I can connect you with a helpful loan officer if you'd like through this form www.winthehouseyoulove.com/apply
@@WinTheHouseYouLove perfect just filled it out thank you!
Great video, but I'm pretty sure the USDA 203k loan is a zero down program, no??
Thank you! In this video, I think I included the down payment information. Here's the timestamp: 1:47. Hope it helps. :)
@@WinTheHouseYouLove It's my own fault. I thought I was watching a video on the USDA rehab loan (which IS a zero down loan). So, when you quoted the downpayment at 1:47, it confused me. Apologies.
So much information and my pen has not stopped working since the beginning 😂! Thank you
Happy to help!
Will this type of rehab loan work if you already reside in the home? Example in my situation my father's home is going through probate and is to be split by his heirs. I will be purchasing the home from the estate. The home is in need of repairs and I am very patient and would be willing to go through the 90 day process.
It sure will!
@@WinTheHouseYouLove Thank you so much! I was afraid you weren't aloud to already live there! I have so say your videos are the best! You've helped my journey, so much!
very helpful information thank you 2022
Glad it was helpful! You can also check out my updated FHA Loan Requirements video. Here's the link: ruclips.net/video/VXISYMYpfaI/видео.html&lc=Ugyx2D9rURVUwGRHd_V4AaABAg
What if you are living in the home you want to purchase?
It will work the same :)
Thank you so much for the video. Could you go more in detail about the flowchart at the end. Like appraiser, finding out arv, permits/OPRA, title search, building Inspector, etc. ?
You're welcome! I'll add a follow up video to my video list :)
Can you do 100% financing, aka no down payment with a much higher credit score? Im looking at buying a fixxer upper but dont want to put a down payment down and would like to do a loan like this for some renos!
Every FHA place i asking for 640 right now fyi...been that way since this Covid nonsense
Most are! It's a bummer! We still work with a lender that goes down to 500 still, but they are very very slow.
Thank God my credit score went up
I'm in California, is there any stipulations with FHA 203K Standard loans that does not allow down payment assistance? My lender claims I don't qualify for DPA because the repairs exceed $31K. I've been researching and haven't found anything to support that. It sounds like she's inexperienced with 203K and trying to process it as Limited as opposed to a Standard. Can anyone offer insight???
I just bought my home with a FHA loan. Can I apply for a FHA 203k loan later on?
Yep! You can refinance into an FHA 203k
@@WinTheHouseYouLove refinance? Just can't take one specific to 203k?
Thank you so much for proving all this value for free for us! This is great. Thanks again♡
Thank you so much for watching!! :)
Hey, so why would u suggest living in it for one year?
Hi! Because it is a requirement. :)
Hey Kyle, for a senior citizen who has some roof issues, would a cash out or HELOC loan be the way to go? I’m not really sure how the bank would be willing to lend me money since I’ve got some serious water damage. What should I look for loan wise?
What if you qualified for less than the LTV before you switched to 203k? Is my max loan that plus repairs? Or can I borrow more because the property is with more?
Can you do video on current homeowners !!!!!I want to pull equity out my first home, so what’s the best product to use, when I want to keep my first home, & rent it out and then move into a 4plex using the 203k loan
When using the FHA 203k can I renovate a single family into multifamily home?
You betcha!
Win The House You Love thank you!
Another quick question, can I do fha 203k with purchasing a plot of land
Once again, an incredibly great amount of good information. Thanks again! 👍
Glad you enjoyed it!
When would be the best time to select a 203K consultant? Before or after applying for a mortgage?
You make it seem so streamline. Thanks
Wow! Thanks for watching!
Can you get DPA for thus type of loan ?
Yes
Got it, nevermind you answered my question. Thanks!
You’re welcome!
What if I already own the house
203k works as a refinance too if you already own the home
You are very helpful. Thank you
Hi, thank you so much for the kind words, I really appreciate it!
Great video! Do you need to work with an outside contractor or can you do all the work yourself?
Thanks!
You can only do 10% of the work yourself. The other part has to be done by a contractor.
Kyle Seagraves → winthehouseyoulove.com
Had to subscribe and like it twice.
Wow, thanks! Welcome aboard. :)
I love the video. You did a great job in explaining the FHA 203K loan and the process....Hi what if your family owns the property (house and Land) but you want to renovate the home. Do you have to put the property in your name. My family have a home that sits on 1.4 acres. I want to add a double car garage with living space and remove existing roof on existing home and create living space above. I looking at between 200-250k in repairs to update the home.
Fantastic information!! The way you presented everything was so clear and all encompassing. Can you use 203k to buy a multifamily home if you live in it?
Yes! Multi-family housing that needs rehab can be financed with the FHA 203k. The owner/mortgage holder must also live there. It must also be the owner's primary residence. Thanks for watching :)
Yeah I guess
If I refinance into a conventional loan, would i be able to use the FHA loan again on another property?