All Forum Posts by: Christopher Veljkovic

your right!! FHA 203 limited loan.

ARE ALL FHA LOANS THE SAME??

ARE ALL FHA LOANS THE SAME??

Is it possible 203 streamline, realtor, and mortgage officer are in Cahoots?  

The reason are I was recommend to a contractor from my loan officer first and then reaffirmed by my realtor.  Now I received the quote from the initial contractor , which I though was out of this world, I explain to my realtor and loan officer that I’m receiving more estimates, they questioned my decision and asked who I was getting them from. Why it matters to them, it beats me??!!  

Now the problem is I'm applying for 203 limited loan and the number do not work out with a regular FHA loan. Even if I use the full amount of the 29,400 (after all feed and stuff) why should I pay for a around about of 50k at closing as oppose to 14000 minus my down payment already with a regular FHA loan?!!??? Doesn't make sense??.. down payment on closing cost? I thought the point of a FHA 203 streamline is low money down out of pocket. If the most I ask for is the ful amount why should I put that money into the initial down payment? Right?

Am I dealing with a used car salesmen or what???  I’m sorry to all other loan officers but that is how I am feeling at this point. 

Any clarification would be greatful!!!

Hello BP Community,

I'm looking for recommendations of contractors in north New Jersey that are HUD compliant. Specifically general mechanic that is jack of all trades, an electrician, plumber,and a roofer!

Any help or recommendations would be greatly appreciated. Time is kinda of essence.

Thanks again!!

Hello BP Community, I’m looking for recommendations of contractors in north New Jersey that are HUD compliant. Specifically general mechanic that is jack of all trades, an electrician, plumber,and a roofer! Any help or recommendations would be greatly appreciated. Time is kinda of essence. Thanks again!!

Hello BP Community, I’m looking for recommendations of contractors in north New Jersey that are HUD compliant. Specifically general mechanic that is jack of all trades, an electrician, plumber,and a roofer! Any help or recommendations would be greatly appreciated. Time is kinda of essence. Thanks again!!

@Harjeet Bhatti you are right. I do have a great credit score but if you see my last posting above with @Upen Patel maybe you can give me some thoughts or a different approach. 

@Upen Patel the reason why is I recently sold my co-op apartment in NYC and made a decent amount on the sale. I am the only W-2 earning in my house hold between my wife and 2 little children.  The low money down plus the opportunity to utilize a 203 streamline left me a lot more room to invest later down the road because I did not have to put down more money. I am purchasing a 2 unit home BTW.  Plus my broker stated that since I am a healthcare worker she would use W-2 statement only to apply for the loan. Basically for what my goals are it seemed more like the appropriate way to go.  

What do you think?  How would you have done it?   Thanks for your response ahead of time!

Hello everyone,  

Sorry for the late response. Lately everything is happening all at once! 

Well I just wanted to say that this first meetup was great!  I believe this can evolve into something great for networking and education. We seem to be like minded with different goals, which I believe can benefit us all to attain our end results!  

Thank you @Hitanshu Shah and Geeta for taking the initiative on hosting.  Your determination is totally apparent. 

And to everyone else, Hopefully we get to meet again with new success stories of achievements!  Good luck everyone!!

@Alina Trigub

@Nick DeLorenzo