All Forum Posts by: Paul Welden

@Alex Lee

@Shawn Mcenteer is correct ... there is a directory of Certified 203k Contractors. 
Even on conventional renovation loans, most lenders and borrowers still use Certified 203k Contractors b/c the guidelines/timelines/rules/processes are almost identical. 

@Alex Lee

203k is an amazing tool as long as you don't overextend yourself financially. 

Using a 203k, you'll usually have quite a bit of equity that in 1-2 years you should be able to refi out of the FHA loan product into a conventional removing the MI associated with FHA loan products.

Hope this helps! 

@Lauren Del Valle

Before the Certified 203k Contractor can give you a proposal, they must know that FHA requirements must be corrected on the property. These are determined by the 203k Consultant who is selected by the mortgage lender.

So, ....
#1 - get the mortgage lender to select the 203k Consultant
#2- 203k Consultant inspects the property for FHA violations, includes in the report any items you want done extra and provides a Work Write-up and cost estimate
#3- Certified 203k Contractor visits property, with the WWU you give them and the contractor can then provide you with a proposal

easy peasy ... hope this helps! 

@Lauren Del Valle

There's an online database of Certified 203k Contractors. 

Hope this helps! 

@Evancia Baron

203k Endorsement Summary

@Ahmed Moustafa

The general Fannie Mae guidelines you mentioned are for non-renovation loans. 

Because the original value of your closed loan was based on renovations being done, there is no additional value to use for the removal of the PMI.

Maybe consider refi to another lender who will order another AVM or appraisal to get you a more desirable LTV.

Also, your LTV may be too high. The LTV ratio must be:

• 75% or less, if the seasoning of the mortgage loan is between two and five years.
• 80% or less, if the seasoning of the mortgage loan is greater than five years.

Hope this helps! 

@Matthew McGill

I do not have any info regarding first-time homebuyer programs available in Charlotte, but I do have a lot of info about the FHA 203k.

Let me know if you need any help with that. 

@Crystal Smith

Maybe go to the online directory of Certified 203k Contractors to see if there's one in the area. If not, maybe look nearby to see if there's one that will come to Ottawa. 

Hope this helps! 

@Chad Day

Because the property is zoned as commercial, the FHA 203k would not work because the FHA 203k is only for residential property.

So, you'd have to get it rezoned to residential or mixed-use residential but commercial zoning would not work. 

Even if you intend to convert it to residential through rehab, the current zoning as commercial is a no-go for the FHA 203k which is limited to residential.

Hope this helps! 

@Matthew McGill

Just to confirm .... you will live in one of the units of the duplex, correct?