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Updated about 1 year ago on . Most recent reply

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Yang Zhou
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NYC area: looking for an agent and loan officers specialized in FHA 203K loan

Yang Zhou
Posted

Hi all,

I have used conventional once and VA loan once in Chicago, IL and I came across this FHA 203K product and realized that it could be used as a good leverage to purchase and fix a quadplex.

I really want to move to NYC myself and I am going through the plan phase now to use FHA 203K for my next property in NYC area. I used to rent in Queens but I am very new to the real estate market in NY. I was wondering if anyone knows a good agent and other real estate professionals that have experience in 203K loan I can connect with? Also, is this even a feasible idea to start with in NYC?

Any advice is welcome!

Thanks a lot,

Yang

Most Popular Reply

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Paul Welden
  • Real Estate Agent
  • Tempe, AZ
537
Votes |
988
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Paul Welden
  • Real Estate Agent
  • Tempe, AZ
Replied

@Yang Zhou

I think the 203k is feasible anywhere. 

In NYC area, a 4-plex can have a 203k loan up to $2,211,600 with only 3.5% down payment plus you can use 75% of the market rent (as determined by the FHA appraiser) from the 3 units you will not occupy as additional income to help you qualify for the mortgage.

HUD.gov has 2 databases of the lenders with the most experience with 203k's. Let me know if you want help with them.

Finding a Realtor with 203k experience can be quite challenging considering only 141 FHA 203k's were closed last year in NYC area. The 2 most important team members IMHO are the Lender and the Contractor. Best to use a contractor with verifiable 203k experience/education, such as a Certified 203k Contractor

Hope this helps! 

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