CEO / HUD Consultant NJ
The Department of Housing and Urban Development, more commonly known as HUD, helps people who need assistance find housing that's both decent and affordable. Part of determining which properties qualify is the HUD homeinspection .
The role of the 203k Consultant is vital to the success of a FHA full 203k loan. The consultant is responsible for the onsite visit and the HUD work write up and is responsible for staying on during the rehab proccess...
What does FHA require for home inspection?FHA: When an FHA loan is being used, the appraiser has two objectives. The Department of Housing and Urban Development (HUD) requires him to determine the current market value, as with any appraisal. But they also require a property inspection to make sure the home meets HUD's minimum standards for health and safety. Can you get another FHA loan if you sold your house?On the other hand if you're going to do a straight sale and you still qualify, you can another home with an FHA mortgage as soon as your previous mortgage is paid off.If you have a house with a FHA loan on it, you can sell that house pay off that FHAand get a new FHA loan immediately. There is no 3 year wait.
By Amy FontinelleThe purpose of the U.S. Department of Housing and Urban Development (HUD) is to provide housing and community development assistance and to make sure everyone has access to “fair and equal” housing. To achieve these goals, it runs or participates in many programs intended to support homeownership, increase safe and affordable rental housing, reduce homelessness and fight housing discrimination. This article provides a general overview of what HUD does and how it has succeeded and failed in achieving its goals over the years.Who Runs HUD? What Does the Agency Do?HUD was established in 1965. It is a cabinet-level government agency, meaning that the agency’s head, called the secretary, is appointed by the president and approved by a simple majority vote in the Senate, then holds that position until a new president takes office. In the event of a major catastrophe, the HUD secretary is 11th in line to succeed the president, after higher-level cabinet executives such as the secretary of state and secretary of the treasury. The POTUS is the HUD secretary’s boss. ..
Approved 203k Hud Consultant in NJ
We work with any bank/Direct or Mortgage Brokers as long as you are approved for a home that needs repairs,we prepare all the paperwork with the break down of items needed to pass all inspections
As general contractors we understand how to get you all set up to get money following all NJ guidelines from your bank to do all necessary repairs for you and Family to move in .
The 203K loan is a type of FHA loan. It can be used for an entire rehab of a property or just a few select repairs. There are actually 2 types of 203K loans, one is refered to as a streamline 203K and is for rehab costs that are less than $35,000 and have a few limitations that a full blown 203K does not
Do you need a downpayment for a 203k loan?
To qualify for a 203k loan, you'll need to meet the same requirements as any other FHA loan: Your credit score must be at least 620 or 640, depending on the lender. Your maximum debt-to-income ratio can only be 41% to 45% You need a down payment (or home equity if you are refinancing) of 3.5% or more.Check with your Mortgage Representative for more details...
How long do you have to live in a house with a FHA loan?
One Year Occupancy Requirement. To meet the owner occupancy rules, the FHA requires that you live in the property as your primary residence for at least 12 months after the loan closes.
Fees are regulated by HUD .
Fees are regulated,based on the amount of the loan amount to fix /upgrade
203(K) Consultant Fees
The 203k consultant's fee varies depending on the cost of the repair work to be financed through a FHA 203k loan. The actual fees may vary from the amounts published by the HUD in its general fee schedule for the consultants performing the feasibility analysis report and other associated tasks. For the HUD established fee, a 203k consultant will personally visit the property and provide all the necessary architectural exhibits along with a complete work write-up.