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ezpro
17 Posts |
 Posted - 05/13/2008 : 09:57:47 AM
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| i have a borrower that is purchasing the property that he has been renting and the seller is doing a short sale. the roof needs to be replaced and surprise, surprise the seller won't pay for it. He can go FHA but most lenders are asking the borrower to have the roof fixed prior to closing. can he do a 203 k for the repairs of the roof and how exactly does it work? |
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CTC
21 Posts |
Posted - 05/13/2008 : 10:02:57 AM
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| 203k will escrow for the repairs. Make sure there is equity in the home, since this will probably be necessary. The borrower will probably have withdrawal requirments..meaning the money can only be used for the roof and only so many withdrawals can be done. |
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ezpro
17 Posts |
Posted - 05/13/2008 : 10:32:43 AM
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| wonderful thanks |
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BB
989 Posts |
Posted - 05/13/2008 : 11:41:05 AM
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| If you do the 203ks you can go to 110% of the after improved value. |
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1stintegritymort
1298 Posts |
Posted - 05/13/2008 : 11:58:59 AM
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| does anyone know if you can do a 203k for a borrower who is looking to buy a solar power system for their home? this would be a great benefit to the borrower considering the tax breaks and reduction in utility bills. i have been looking to get set up with some dealers that sell these systems. they do not have financing sources and say a mortgage broker would benefit their business as well as our own if we can find a way to do it. any thoughts on this? |
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mikal
12 Posts |
Posted - 05/13/2008 : 12:11:42 PM
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Note: The below is for the Streamline 203(k).
What improvements are eligible under the new Streamlined (k) program?
The Streamlined (k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. The Streamlined (k) program includes the discretionary improvements and/or repairs shown below:
• Repair/Replacement of roofs, gutters and downspouts
• Repair/Replacement/upgrade of existing HVAC systems
• Repair/Replacement/upgrade of plumbing and electrical systems
• Repair/Replacement of flooring
• Minor remodeling, such as kitchens, which does not involve structural repairs
• Painting, both exterior and interior
• Weatherization, including storm windows and doors, insulation, weather stripping, etc.
• Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
• Accessibility improvements for persons with disabilities
• Lead-based paint stabilization or abatement of lead-based paint hazards
• Repair/replace/add exterior decks, patios, porches
• Basement finishing and remodeling, which does not involve structural repairs
• Basement waterproofing
• Window and door replacements and exterior wall re-siding
• Septic system and/or well repair or replacement
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