All Forum Posts by: Paul Welden

@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? 

@Wendy Thurst

Simply get a regular/traditional home insurance policy.

@Terrilynn Kelley

The Streamline 203k no longer exists. It was eliminated back in September 2015.

Yes you can switch contractors. You may be obligated to complete the project according the the OG contractor's pricing, which may be insufficient to complete the project. 

The contractor is required to provide a 1 year warranty on labor and materials but replacement contractors are difficult to find because they have to warranty all the work ... even from the OG contractor. 

You need to refer to your 203k Borrower's Acknowledgement Form. 

If there are any disputes or outstanding payments to the OG Contractor, your replacement contractor will not get paid anything until the dispute(s) is resolved.

You should really hire a Certified 203k Contractor. 

Maybe call the 203k Help Desk at 855-CALL-203k

Hope this helps!

@Lynette Mcmillan

Consider using contractors who know and understand the 203k and are financially viable to support the startup costs and ongoing expenses associated with them. These are called Certified 203k Contractors.

Hope this helps! 

@Lynette Mcmillan

sorry for the duplicate reply

@Hogarth Louis

Certified 203k Contractors .... there's an online directory

Hope this helps!