Jeff Onofrio- FHA 203K Renovation Mortgage Expert

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Mortgage and Lending - AnnieMac Home Mortgage - NMLS #38670
My blog is here to provide information regarding FHA and FHA 203K 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!
RECENT BLOG POSTS
Lately I’ve been asked, “what are some allowable improvements when we use the FHA 203k rehab mortgage”?  I’d like to give you some basic information that you can use to help understand how the FHA 203k renovation mortgage works and what is eligible. These are prime times for the FHA 203k program ...
04/26/2012
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 dow...
03/22/2012
Knowledge & Experience Needed! How come more Realtors and customers don't use FHA 203k loans?  It’s a great question! The answer really lies in the fact that most lenders (in house mortgage companies for the Realtors) don't do the FHA 203k loan, or just don't do it well. Secondly, Realtors have f...
02/14/2012
So, I get questions all the time about this, and people always tell me, “Jeff, everything sounds great about FHA 203k mortgages, ...sounds like it’s the perfect loan for me...it does everything that I want it to do, BUT there can't be the perfect loan- there has to be something wrong!”  And you'r...
02/06/2012
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We get A LOT questions that come in all the time and we try to answer as many of them as we can in blog posts so future customers will be able to see these posts and potentially have their questions answered up front. Weather Conditions One of our most recent questions was from a client in New Ha...
02/05/2012
Another Great Use! Buying and rehabbing a multi-family unit property can be done using the FHA 203k loan.  I’ve done a few of these loans and they are absolutely great!  I’m currently doing one right now -- it’s a four-unit property and it's a big job. The FHA 203k loan limits, which you can chec...
01/18/2012
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 i...
01/08/2012
There’s a common misconception that contractors need to be certified in order to participate in FHA 203k loans.  This isn’t true!  There is NO actual official 203k training process that is certified or approved by HUD or FHA. We make sure you’re going with reputable contractors. The way we determ...
12/31/2011
What exactly is an FHA 203k mortgage? An FHA 203k mortgage is essentially a regular FHA mortgage.  However, it has a special component which is an escrow account that allows the customer to be able to purchase or refinance a property and rehabilitate or renovate that said property.  This little p...
12/24/2011
There’s some really big misconceptions regarding the FHA 203k mortgage, we’re going to talk about a few here. The first one is that the FHA 203k rehab mortgage is hard. It’s not! This isn’t rocket science guys, it’s really not that hard. The truth is the program really comes down to the people th...
12/19/2011
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Jeff Onofrio

FHA 203k Lender and Homestyle Reno Specialist
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