When buying a home,
you want people to be upfront and honest with you. What you do not want is confusion and misconceptions from the beginning. Which
unfortunately that seems to happen to many potential buyers when investigating the process of the 203K Houston TX offers. It does not have to be like that.
One main misconception
I heard from a 203K Houston new home buyer was that the process seemed to take forever. I could not understand this, because it really does not take long to complete a 203K. It can take 60-90 days on average. It all goes back to the old saying of ‘watch the people you surround yourself with’. If you choose to work with a lender who does not understand the 203K process or a consultant who has only done one 203K in their entire tenure, there will be delays and issues. This is mainly because your team does not know what they are doing. The best thing you could do is at least making certain that your contractor understands their pay scale and is on board. At least you know your work will be done within perfection.
A second huge lie
that buyers are fed is the fact that the closing takes forever. It certainly does not have to that is a promise. The only thing that takes time is the actual choosing and hiring of a contractor. this is because there are usually so many different things needing to be done for a 203K there are usually more than one contractor that is needed. That is why it is strongly recommended that Truly Noble Services is your contractor, because they can literally do any work from the foundation to the roof of a 203K project. They are familiar with the pay scale and make sure that that job gets done to complete satisfaction of the buyer.
and this one came to my attention from a buyer who was interested in working through a 203K Jackson Mississippi was overseeing. A contractor will never be certified by HUD or FHA; it does not happen like that. There is a certain website that promotes the fact that they have certified 203k contractors. In which some technical case, it is true. The contractor does not get certified through HUD or FHA; they take a certification test for the website. This certification has nothing to do with HUD or FHA standards. The fact is that not all contractors are funded heavily enough to be able to take on 203K homes because the payout for the work can take upwards of 90 possible days.
This is just three simple tidbits that get thrown around all the time about 203K loans. They are not necessarily true and can be proven wrong by simply hiring qualified people to be in your corner. If you have any questions, please feel to call one of our 203K specialists in our office @ 972-272-2455 ask for Jackie Brown or Brandie Glover.
Tags: 203k 100 financing, 203k 5/1 arm, 203k 6 months, 203k acceptable repairs, 203k addendum, 203k addendum to contract, 203k appraisal, 203k appraisal form, 203k appraisal process, 203k approved consultants, 203k approved contractors, 203k approved lenders, 203k bank of america, 203k banks, 203k before and after, 203k blog, 203k borrower acknowledgment, 203k borrower's identity of interest, 203k builders, 203k building permit certification, 203k buyer, 203k calculator, 203k certified contractors, 203k construction loan, 203k consultant, 203k consultant fees, 203k contractor forms, 203k contractor jacksonville fl, 203k contractor requirements, 203k contractors, 203k contractors kansas city, 203k conventional loan, 203k credit requirements, 203k debt to income ratio, 203k DFW Texas, 203k disbursement process, 203k do your own work, 203k documents, 203k doing work myself, 203k down payment assistance, 203k down payment calculator, 203k foundation repair, 203k garage, 203k general contractors, 203k homeowner contractor agreement, 203k Houston, 203k Houston Texas, 203k Houston TX, 203k Jackson, 203k Jackson Mississippi, 203k Jackson MS, 203k kansas city, 203k LA, 203k lenders Jacksonville FL, 203k loan contractors, 203k loan Jackson MS, 203k loan Jacksonville FL, 203k loan Kansas, 203k loan Kansas City MO, 203k loan Knoxville TN, 203k Louisiana, 203k Mississippi, 203k MS, 203k New Orleans, 203k Oklahoma, 203k questions to ask, 203k renovation, 203k Texas, 203k tips, 203k TNS, 203k Truly Noble Services, 203k TX