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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: 5397
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
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8 Real Estate Lawyers are Online Now

How JustAnswer Works:

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  • Get a Professional Answer
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    Ask follow up questions if you need to.
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    Rate the answer you receive.

Real Estate Lawyers are online & ready to help you now

Tina
Lawyer
Satisfied Customers: 5390
17 years of legal experience including real estate law.
Barrister
Lawyer
Satisfied Customers: 6607
14 years real estate, Realtor. Landlord 24+ years
Dimitry Esquire
Attorney
Satisfied Customers: 5178
JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Recent 203k Questions

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    The real estate agent that my husband, and I were under contract with, had a sexual, and emotional affair with my husband. Basically, she prostituted herself to my husband to sell property. I am filing formal complaints with all of the real estate associations in which she is a member. Last time I checked, prostitution wasn't legal in Texas. I would like to sue her, and the company she works for, to recover all commissions paid to her while she was under contract with us. Is it possible to recover the commissions paid? Can I get more money than the commissions paid?
    Thank you.
  • I am renting a house to a family. They removed the original

    I am renting a house to a family. They removed the original window treatments in the house and install their own. Their lease is over and they want me to pay them window treatments they installed or threatening to remove them. Have those window treatments become permanent fixtures in the house that the tenant has no right to remove?
  • My divorce have been final , me and my ex decided to separate join investment pr

    My divorce have been final , me and my ex decided to separate join investment properties. We are holding 50/50 ownership currently. Some one suggest me that I can try assumption loan to remove him from mortgage.
    Any legal issues I need to take care them first?
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