My 1st FHA 203k Diary
Hello All !!
Today my offer was accepted. The house was listed on HUD Homestore in Romeoville IL!
It was listed for 47,250$ the last day of the owner occupant period I offered 55,000$ ( which was Saturday night)!
I didn't hear anything untill Monday 3pm. That they accepted the offer at 51,700$.
How is it 3,300$ less than what I offered but I am not complaining.
I am pre approved for a 3.5% FHA 203k 90k.
I have a couple questions if anyone knows or the reason why I am making this diary is because I have not seen very many FHA 203k deals.
I will be going through the process of getting my General Contractor approved and submitting the scope of work to be approved.
Some information about the house. It's a 1356 sq 3/1 Ranch with 2.5 car detached garage.
Rehab budget will be 30k because for fha 203k streamline you have to stay under 35k and they hold 5k for overages.
I will be added a new bathroom. Updated and changing the layout of the kitchen. Updating the existing bath. Added a master suite. (4th bedroom) to go with the new bath. Also all new flooring, paint. Will have to add a laundry room as well.
ARV ending product 4/2
155,000$
Thoughts? I am waiting to hear what the next step is. My realtor and lender just finished multiple FHA 203k loans so I hope they are on their game.