Denver Colorado Residential Relocation Realtor.

Tatyana Sturm, EXIT Realty DTC, Realtor, Denver, Colorado
There are many things to consider when thinking of buying or refinancing your home with an FHA 203K loan. Make sure to think through this before proceeding:

1) Are you working with an experienced team? If you are buying, has your real estate agent worked on an FHA 203K before? Do you have connections to contractors that are familiar with the process? Does your lender actively work on 203K loans? These are critical aspects to the success of your 203K when buying a home. After all, the beginning will set the stage for the process and end results.

2) Do you know exactly what you want to do? Many people ask me how quick can we close? This is an open-ended question because mainly it depends on how fast you can get your bids in order. So knowing exactly what you want to do inside that house (or outside) is critical to the efficiency of your 203K loan.

3) Will you be able to finance more money if your bid comes back high? If you are committed to working with the wrong lender and they are only able to offer you a streamlined 203K and your bid comes in higher than $35K or you need structural repairs, you could be in trouble if paired with the wrong lender who can't offer both types of 203K loans.Make sure you ask the question; Can you offer both the full and streamline 203K loan?

4) What is your exit strategy for the house? Meaning are you going to stay there for a year, 3 years, or longer. The reason this is important is your lender should be able to talk to you about structuring your loan so the cost analysis meets your exit strategy for the house. If you plan on staying for not too long it should be structured differently then if you plan on living there for the long haul.

5) Are you better off with a general contractor or piecing together your contractors? Many people are looking to save money on such a large investment. When working with a general contractor you will effectively pay for their time and expertise to make the deal flow smoothly. If you piece together your contractors you may save some money on the total bid, but there are many variables that could then effect how quickly your rehab work is done. Also, the contractors may not have the pockets to absorb the disbursement method of a 203K loan like a general contractor might.

There are many other things to think about. If you have questions give me a call 303-779-0591 x 101

Ray Williams
Branch Manager
Summit Home Mortgage
rwilliams@summit-mortgage.com
www.denvers203klender.com

Denver, Colorado's leading short sale expert

www.5280shortsales.com

Proud Greenfield, Aurora, Colorado Resident and Realtor

"Buy or Sell a home in Denver, Colorado"

www.5280exit.comDenver, Colorado’s Residential Relocation Realtor. Denver’s Top Short Sale Realtor. For the most comprehensive Colorado Real Estate property map search please visit: www.5280exit.com. Thank you very much for reading my blog and I look forward to working with you. Tatyana Sturm, EXIT Realty DTC, Realtor, Denver, Colorado Proud Greenfield, Aurora, Colorado Resident and Realtor “Buy or Sell a home in Denver, Colorado” tatyana@exitrealtydtc.com ~ 720-350-5909
Thank you very much for reading my blog and I look forward to working with you.

Tatyana Sturm, EXIT Realty DTC, Realtor, Denver, Colorado

Denver, Colorado's leading short sale expert

www.5280shortsales.com

Proud Greenfield, Aurora, Colorado Resident and Realtor

"Buy or Sell a home in Denver, Colorado"

www.5280exit.com