How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5379
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
characters left:
3 Real Estate Lawyers are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

203k Questions on JustAnswer

The Federal Housing Administration’s 203k loan is part of the Department of Housing and Urban Development’s program to repair and rehabilitate properties of single families. In other words, it’s a home improvement loan which helps revitalize communities and neighborhoods and expands the opportunities to own a home.

Below are some top questions asked on 203k loans.

My house that was built in 1941 is in need of repair now. Do you know of an agency that can help me find the funds I need to make the repairs?

You could apply for an FHA 203k rehab loan for this purpose. This is a mortgage insurance program which has been developed to assist people in undertaking repairs and rehabilitation of certain properties like foreclosures, distressed property, and houses in need of upgrades and improvements.

The Federal Housing Authority, a department within the U.S. Department of Housing and Urban Development (HUD), offers this loan to help lenders, home buyers, and lower income neighborhoods to rehabilitate foreclosure properties and houses that need a lot of restoration work. You could visit their website and apply for the loan.

My husband and I just got an FHA loan for $729,000. The home we are purchasing costs $650,000. Can we retain the rest of the loan money for undertaking home improvements?

Usually, this would not be possible. The loan amount sanctioned would be specifically based on the purchase and sales agreement. Instead, you could probably apply for a 203k loan that would help you buy the home and also give you a certain amount for improvements and repairs. The HUD website will offer you more details on this.

I have taken a 203k loan for $325,000 with 10% down. I’m also receiving $82,000 in rehabilitation money. How much would I need to pay in closing costs for this loan?

As a HUD backed loan, the caps that can be charged in closing costs and fees are:

Appraisal Costs (Actual Cost): $300 -$350 generally

Credit Report Costs (Actual Cost): Customary and reasonable costs necessary to close the mortgage.

Origination Fee: Max 1% of loan if under $417,000


Therefore, in a typical HUD closing, you would need to probably pay 2-3% of the total loan value, or around 8-12K. This amount can differ depending on other factors like processing, underwriting, prepaids for taxes and insurance, legal fees, document preparation, and so on.

I have an FHA 203k loan that I am trying to close. The realtor has a deposit for the down payment on this but despite having submitted and signed all documents, I cannot move forward. I have repeatedly been asked to sign papers I have already signed, yet again. With the closing date extended, can I do anything to get my deposit released?

If you would like to cancel your loan, there are two things that you could do. One, you could review the agreement you have signed and check if the sellers have violated any of the clauses. If the property is within an association, you could try "denying" the HOA docs required and get out of the agreement. Second, if this doesn’t work you could try hiring an attorney to help you get your money back.

Many homebuyers find that most of the short sale listings and foreclosures they would like to buy need a certain amount of repair and improvement to match personal and bank standards. This is where a 203k loan may provide an ideal financing option with a limited amount of down payment.

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5379
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
characters left:
3 Real Estate Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Real Estate Lawyers are online & ready to help you now

Tina
Lawyer
Satisfied Customers: 4813
16 years of legal experience including real estate law.
Law Pro
Lawyer
Satisfied Customers: 6227
20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Barrister
Lawyer
Satisfied Customers: 4966
13 years real estate, Realtor. Landlord 24+ years

Recent 203k Questions

  • Is there a law in that permits a cooling off period that

    Is there a law in KY that permits a cooling off period that allows one to get out of the contract. Example: TN allows three days for the signer of a contract to change their mind.
  • I am a real estate broker. A few years ago I helped a man find

    I am a real estate broker. A few years ago I helped a man find a suitable home, and he purchased it. This man is handicapped with a severe stutter (just info). Recently, he came to my home, and I invited him and his wife in. He explained to me that he had failed to pay real estate tax on his home. He said that the county was going to foreclose on his home and sell it the next day. He said that that he had exhausted every effort to get the money to pay the taxes. The home is worth about $100,000 if it was in good condition. He said it was. I felt very sorry for him. I did not want him to lose his home. I said that I would go to the tax collectors office and pay the tax ($6,000+) for him. He said he would list the home for sale with me and when it sold he would pay me. I suggested that I would purchase the home from him for $100,000. He agreed and signed a Florida sale contract to that effect. They thanked me over and over. They left my home, I paid the tax. I sent the contract to the title company. He would not close on the deal. At the time, I had enough money and did not worry to much about getting the tax payment back. Now I am 100% disabled also, and I need the money. He won't return phone calls, answer a letter I sent to him, or communicate with me. What do I do to get the money back?
  • Hi I'm a tenant who just received a UD. I'm filing the UD-105

    Hi I'm a tenant who just received a UD. I'm filing the UD-105 ("answer') but also considering mediation, therefore I'm emailing the plaintiff's lawyer. I want to vacate the premises but don't have money to pay past-due rent ($4750), So I'm thinking of mediation...what are your suggestions? Thanks
< Last | Next >
View More Real Estate Law Questions