FHA 203k Loan Expert And How To Choose A Lender With No Overlays

This BLOG On FHA 203k Loan Expert And How To Choose A Lender With No Overlays Was Written By Alex Carlucci Of Gustan Cho Associates

How To Choose A Lender With No Overlays

What Is A FHA 203k Loan Expert By Alexander Thomas Carlucci

Gustan Cho Associates are experts in originating and funding FHA 203k Loans. HUD, the parent of FHA, allows home buyers to purchase fixer-uppers with both an acquisition and construction loan via FHA 203k Loans. Buyers can purchase fixer-uppers with only a 3.5% down payment of the after repair value. So, if a property costs $100,000 and needs another $100,000 in repairs and the after repair value is $200,000, the buyer needs to come up with 3.5% of the $200,000. Gustan Cho Associates Mortgage Group has no overlays on FHA 203k Loans. As long as borrowers meet general FHA Guidelines, they can qualify for FHA 203k Loans.

Case Scenario

Hello and happy Tuesday everyone.
  • This morning I decided to head to the grocery store rather early just to knock it off of my to-do list
  • I shop at the Jewel Food Market not too far from my house
  • It’s within walking distance from where I reside
  • I walk in Jewel Food Market and one of the guys who works there shouts my name out from the top of his lungs
  • I walked over to say hello and to catch up since I haven’t seen him in a while
  • This gentleman also works part-time at The Home Depot where I frequently shopped during my latest renovation on my 3 unit property
  • Were just talking and a woman walks up to me and asks “Are you in construction. I wouldn’t think in a million years that you were in construction”
  • I then proceeded to tell her why I had taken on my renovation and what joy it brought me, in the end, having the experience underneath my belt
  • So we talked for about 15 minutes and I didn’t even realize that I was educating her on an FHA 203k Rehab Mortgage

She then said “I didn’t know such mortgages existed”

My Own Experience With FHA 203k Rehab Loan And Why I Am A FHA Loan Expert

What are my own experiences with FHA 203k rehabilitation loan and why I am an FHA loan expert

I tried to purchase a home and it needed about $50-$60k in renovations:
  • The bank would only allow me to take out a maximum of  $30k for renovations”
  • I then explained the difference in the two types of FHA 203k loans that exist
  • GCA Mortgage Group is a leader in providing individuals with the ability to take out as much in renovations cost as your qualifications will allow you to

For example:

  • If you qualify for a total mortgage of  $180k you can buy a home that cost $50k
  • put up to $130k of work into the home
  • it falls underneath one mortgage payment
  • She was excited and happy to have met me
  • I gave her my card and I will be assisting her in an FHA 203k mortgage
  • You never know who you’ll run into on a day to day basis
  • When you’re passionate about something it’s crucial that you keep going and fight any obstacles that come your way

As long as you do that I can guarantee that things will work out for you in the end. Until next time word!

About The Author

Alexander Thomas Carlucci is a senior loan officer with Gustan Cho Associates Mortgage Group. Alex Carlucci is also a contributing writer for  Gustan Cho Associates and a team leader.  Alex is a licensed mortgage loan originator and an FHA 203k Loan Expert. Alex is also an expert in FHA Loans, Conventional Loans, Reverse Mortgages, Jumbo Mortgages, VA Loans, USDA Loans, and Commercial Loans. Alexander is also an expert in non-conforming loans and a team leader where he trains newer mortgage loan originators and mortgage loan coordinators. Alex Carlucci can be reached at 262-716-8151 or text for a faster response. Or email us at [email protected]

We look forward to Alex Carlucci’s articles that she will be publishing in the coming days and weeks. Stay tuned!!!

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