203k Consultant of NJ

 Saul Sanchez / 203k Hud Consultant   License ID : P1912





Call or text to book an appointment (973) 204-1010

203k Hud Consultant NJ

 

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. 

What The Department of Housing and Urban Development Does

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. .. 

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Meet the Team

203k Hud Consultant NJ

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Approved 203k Hud Consultant in NJ

New Jersey HUD Consultant

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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

She makes it happen

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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 .


203k Info

Find Your House

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  full project start to finish.

203k Purchases

  The Department of Housing and Urban Development, more commonly known asHUD, helps people who need assistance find housing that's both decent and affordable. Part of determining which properties qualify is the HUD homeinspection

How does a 203k Loan Works?

 The 203k loan can also work as a refinance option for homeowners who want to add basic cosmetic or structural improvements to their home. It is important to remember that neither the FHA or HUD do not actually lend the money to a borrower. Instead, the FHA “Insures” a loan that is provided by an FHA approved lender. 

HUD Consultant NJ

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What does it mean when a house is 203k eligible?


 


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

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Down Payment

 

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...

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How long do you have to live in a house with a FHA loan?

 

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.

Investment Fee

The base fee is $400 for the repairs that range between $5,000 to $7,500. For amounts ranging between $7,501 to $15,000 the HUD 203k consultant fee is $500. For renovation work amount between $15,001 to $30,000, it's $600. For the cost of rehab work that falls in the range of $30,001 to $50,000, the 203k consultant fee is $700. The fee will be $800 for fix-up work that falls between $50,001 to $75,000. If the proposed repair work costs between $75,001 to $100K, the fee would be $900. In those rare cases where the renovation work to be undertaken exceeds $100,000, the fee shall be $1,000. The above mentioned FHA 203k consultant fee amounts are meant for single family residential homes. For multi-family homes, the fee charged may be higher. Typically, it would be an additional $25 for each unit beyond the 1st one. If you are considering 203k financing using a streamline loan that allows for financing repairs under $35,000 may not require a hud consultant,ask your broker for details....

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203k PROPERTIES

New Jersey, United States

(973) 204-1010
saulchez@aol.com

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Monday - Friday: 8am - 8pm

Saturday: 10am-8pm

Sunday: Text 973-204-1010  

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