pa: THE FHA 203(K) PROCESS - 05/14/12 02:22 PM
 
 
 
The FHA 203(k) is a great loan, and these steps will provide you with a road-map to understanding the process.
 
  1)    Buyer works with realtor to find the right property, or owner is ready for renovation on their existing property.
 
2)    Get pre-approved by lender for the price range and repair estimate.
 
3)    Go to contract on the house noting that it is FHA 203(k) financing (for a purchase).
 
4)    Buyer meets with HUD Consultant on site to complete the work write up and estimate of repairs.
 
5)    Lender … (1 comments)

pa: FHA 203K Mortgages and First Time Home Buyers - 03/22/12 01:02 PM
It’s important for the first time home buyer to know what the expenses are when they are buying a home.  Many first time buyers get stuck on what the down payment and closing costs are, but they don’t look beyond that.  They need to consider what they may need in addition to those items.  The down payment and closing costs are part of the picture, but not the complete picture.  Other items to consider:
does the house need painting? do I need new carpeting? how’s the landscaping? These things are typically thought of once the first time home buyers get into … (0 comments)

pa: FHA 203K...The Contingency Reserve - 01/08/12 06:01 PM
What's The Contingency Reserve? The Contingency Reserve is something that needs to be addressed because it's an extremely important part of the FHA 203k loan.  The Contingency Reserve is there for cost overruns- it is a component that is put in place to protect the home buyer or home refinancer in case of additional costs or expenses that may arise as a result of the rehab. How Much? The Contingency Reserve can be anywhere from 10-20% of the rehabilitation costs.  This rehabilitation number is set aside in case we open up the walls and there are broken pipes, missing, etc- one never … (2 comments)

pa: NJ FHA 203k Success Story- Yep we did it again! - 06/21/11 10:00 PM
Its starting to sound like a bad Britney Spears song (sorry to all you Britney fans out there) but ...We Did It Again. We took a wonderful NJ couple and showed them the power of the FHA 203k mortgage program.  We showed the customer once again that by using this mortgage program that you can buy a home in NJ, PA, DE, or any of the 27 states that AnnieMac Home Mortgage is licensed in to create INSTANT EQUITY.
Amazing Isn't It? Everyday we watch the news and see that home values continue to drop, foreclosures are up and short sales … (0 comments)

pa: FHA 203k Mortgage-The Quarterback (QB)- Part 1 - 05/22/11 10:38 AM
Peyton Manning? Are you serious? Yep- I am. I am personally a Philadelphia Eagles fan but for the purposes of this blog and what I am going to be showing you during my next few blogs I need you to understand my point.
Peyton Manning is the true general on the football field. There are others in the league who might be better but no one at his peak can command an offense of 11 players. If your a Pats fan or Saints fan lets leave that aside and let me explain how this fits in with FHA mortgages and more … (4 comments)

pa: FHA 203k Mortgage and a sample situation - 05/03/11 07:00 PM
One of the best parts of FHA 203k mortgages is that over night your property can "Poof" have equity! Who would have thought that is possible in this real estate environment- not most people so let me explain in detail how this works.
Current Home Specs and Estimated Value You own a home that is currently worth $300,000- here are the details of the property:
3 Bedrooms 2 Bathrooms 2100 square feet This home as it sits is worth around $300,000 or so.  This customer has a mortgage that has a balance of $295,000.  So from first glance most borrowers would … (30 comments)

 
Jeff Onofrio, FHA 203k Lender and Homestyle Reno Specialist (AnnieMac Home Mortgage ) Rainmaker large

Jeff Onofrio

FHA 203k Lender and Homestyle Reno Specialist

Mount Laurel Township, NJ

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AnnieMac Home Mortgage

Address: 700 East Gate Drive, 4th Floor, Mt. Laurel, NJ, 08054

Office: (856) 505-6717

Mobile: (609) 217-9409

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My blog is here to provide information regarding FHA 203K loans and conventional renovation loans for both purchase and refinance. Updates, tips and advice regarding these loans and the industry is what you will find on this blog!


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