FHA 203k Loan in Montana For Homes Needing Renovation

Gustan Cho Associates are mortgage brokers licensed in 48 states

In this article, we cover and discuss qualifying for an FHA 203k loan in Montana. My name is Alex Carlucci and I am a senior loan officer with Gustan Cho Associates. I am a 53-year-old veteran loan officer from Chicago, IL. I have recently moved to Montana due to the great economy in Montana and the affordable living economy. Montana is booming and has one of the most beautiful landscapes of any other state.

Homebuyers Can Get A lot of House for The Money in Montana
Houses You Can Buy in Montana

You can get a lot of houses for the money. I have a hefty six-figure pension from the Chicago Police Department and a home that is free and clear. I have been shopping for a home with acreage in Montana and have found several that I am planning on making an offer on. I have been a loan officer for over 25 years. I am proud to say I am with Gustan Cho Associates which is licensed in 48 states including Montana. I am a veteran of the U.S. Army and can qualify for a VA loan. I was thinking about relocating to Arizona, Washington DC, Oregon, Washington state, Virginia, Missouri, Wisconsin, and a few other states but chose the state of Montana as a forever home. I decided to buy a fixer-upper and use an FHA 203k loan in Montana.

Qualifying for an FHA Loan in Montana for my Forever Home

Most people would describe me as an Ambitious, Energetic, Motivated, Self-Disciplined, Caring, and Driven individual. I wasn’t always this way. Let me explain. I come from a household of a single father, who raised 5 daughters and myself alone in Chicago. And all of my sisters have different personalities. I was always the child who touched the stove after being told not to, so my mother describes me as the son she never had lol. I truly believe that successful people are the ones who share the pain that they went through to get to where they are today. There are so many individuals that make others feel like life is a piece of cake. I disagree.

How Alex Carlucci Feels About Qualifying For an FHA 203k Loan in Montana

They say things like “Oh no this was the easiest thing I’ve ever done” or “I’m just that good at what.” The real innovators are the ones that list all of their life triumphs, hurdles, and dilemmas that they had to occur to get to where they are today. I’ve been in sales since I was 18 years old. Telecommunication sales for 9 years, compliance sales for 2 years, and a Chicago police officer as my full-time profession since I was 21 years old. I’ve always been passionate about many things, especially the real estate industry. I recently purchased a 3 flat building and completed a top to bottom renovation.

Becoming an Expert FHA 203k Loan in Montana Loan Officer 

The key to purchasing a property that needs work is the HUD FHA 203k CONTRACTOR!  Do your research. I can truly write a book on this topic but I’m going to generalize a few things for now and get more detailed a little later. After completing my project I decided to become a HUD FHA 203k Specialist With No Lender Overlays. This is because I’m so passionate about FHA 203k loans and decided to become a HUD FHA 203k Specialist. I have been nicknamed the HUD FHA 203k Loan Specialist at Gustan Cho Associates.

Why FHA 203k Loans Fascinated Me as a Loan Officer

FHA 203k Rehab Loans truly gives homeowners the ability to take a property that needs work, have a vision of what they want it to look like, and then execute a plan. Experiencing and having to go through any person’s nightmare, which is dealing with a horrible contractor, has allowed me to help many people avoid this trauma. Life throws obstacles at us, and sometimes every day. But the more knowledge homeowners have as an individual, the better success they will have at getting through them. I’m very excited to start writing and sharing my life lessons with the world. I hope that many of you will learn something as I get more in-depth with the above topics every day. Stay tuned world!

Qualifying for an FHA 203k Loan in Montana and Customizing Your Home with a Gut Rehab

FHA 203k Loan in Montana

Alex Carlucci is a licensed mortgage loan originator for Gustan Cho Associates, Empowered by NEXA Mortgage, LLC. Gustan Cho Associates is a national mortgage company headquartered in Chandler, Arizona. The regional branch of Gustan Cho Associates is based in Oakbrook Terrace, Illinois. GCA Mortgage Group is licensed in multiple states and is a full-service mortgage company. Gustan Cho Associates originates, processes, funds, and service FHA Loans, USDA Loans, VA Loans, Conventional Loans, Jumbo Mortgages, and Reverse Mortgages. We are one of the largest FHA 203k Lenders in the nation. Alex Carlucci is a writer for Gustan Cho Associates Commercial And Residential Mortgage Information Center.

Owner-Occupant/Primary Home Requirements on Qualifying For FHA 203k Loan in Montana

The Federal Housing Administration has an acquisition and construction mortgage loan program for owner-occupied home buyers. The acquisition and construction mortgage loan is called FHA 203k Rehab Loans. Homebuyers who have creative ideas of remodeling their homes or are interested in buying a fixer-upper or foreclosure properties can now have the option to do so with an FHA 203k Rehab Loan. Most construction loans require that the property owner have skin in the game whereas the majority of rehab lenders will require a 20% down payment. This is not the case with an FHA 203k loan in Montana. FHA only requires borrowers to have a 3.5% down payment on the improved value of the property. In the following paragraphs, we will discuss and cover FHA 203k loan in Montana even with bad credit, after bankruptcy and foreclosure mortgage guidelines.

Case Scenario

For example, here is a case study:

  • purchase a home for $100,000
  • needs $100,000 in home improvements
  • total acquisition and construction costs are $200,000
  • after improved value of the completed project is $200,000
  • the borrower has required a 3.5% down payment, or $7,000, as the total funds required plus closing costs

I get many calls from homebuyers who are interested in seeing if they qualify for an FHA 203k Loan After Bankruptcy and Foreclosure. The answer is yes. Homebuyers can qualify for an FHA 203k Loan After Bankruptcy and Foreclosure.

Eligibility Requirements on FHA 203k Loan in Montana After Bankruptcy

Eligibility Requirements on FHA 203k Loan

There are two types of FHA 203k Rehab Loans.

  • The first and most popular is the FHA 203k Streamline Rehab Loans which limits the construction budget to $35,000
  • The FHA 203k Streamline Rehab Loan program limits the homeowner on the type of work that they can do

Homeowners cannot do structural changes to the existing home or do a room addition or any other structural repairs.

Types Of Work That Can Be Done With Streamline FHA 203k Loan in Montana

They can do the following:

  • kitchen remodeling
  • basement remodeling
  • attic remodeling
  • bathroom remodeling
  • flooring, new windows
  • millwork
  • paint
  • siding
  • gutters
  • plumbing
  • electric
  • heating and air conditioning systems
  • appliances

Full Standard FHA 203k Loan in Montana

The second type of FHA 203k loan in Montana is the full standard FHA 203k Loan program where there is no construction limit.

  • A full standard FHA 203k has no construction limit
  • Borrowers can go up to the maximum FHA Loan Limit in their area
  • Property needs to be appraised after improved value
  • Borrowers can do rehab on their property as long as the rehab will support the after repair value appraisal once the job has been completed

Besides being able to do everything that can be done with an FHA 203k Streamline Loan, homeowners can also do the following:

  • structural repairs and room additions
  • Can even do a complete gut rehab construction project

Requirements In Qualifying For FHA 203k Loan In Montana After Bankruptcy

FHA 203k Loan In Montana After Bankruptcy

Homebuyers seeking a fixer-upper mortgage loan can now purchase the home of their dreams with an FHA 203k Loan. Qualifying for FHA 203k Loan After Bankruptcy and Foreclosure is no issue as long as borrowers have waited out the two years mandatory waiting period after the bankruptcy discharge date. There is a three-year waiting period after foreclosure, deed in lieu, and short sale. To qualify for FHA 203k loan in Montana after bankruptcy and foreclosure, borrowers need a minimum of a 580 credit score and must meet FHA lending guidelines. Lenders do expect borrowers to have re-established credit after bankruptcy and foreclosure with no late payments or derogatory credit after bankruptcy and/or housing event. Whether it is an FHA 203k Streamline Rehab Loan or Full Standard FHA 203k loan in Montana please contact us at Gustan Cho Associates at 262-716-8151 or text us for a faster response. Or email us at [email protected] We have no overlays on government and conforming loans. We have zero overlays on FHA 203k loan in Montana and just follow HUD Guidelines.

Why Gustan Cho Associates is Different Than Other FHA 203K Loan in Montana Mortgage Lenders

We are proud and honored that Alexander Thomas Carlucci will be writing blogs consistently. Alex Carlucci is an expert HUD FHA 203k Loan Specialist. Alex Carlucci is one of the hardest working and knowledgeable mortgage loan originators in our company. His areas of expertise besides being a HUD FHA 203k Loan Specialist are in all areas of FHA Loan Programs, VA Loan Programs, USDA Loan Programs, Conventional Loan Programs, Reverse Mortgage Loan Programs, Jumbo Mortgages, and FHA Reverse Mortgages. Homebuyers in need of a licensed FHA 203k Loan Specialist or loan officer who is ready to go to bat for you, contact us at Gustan Cho Associates at 262-716-8151 or text us for a faster response. Or email us at [email protected] Alex Carlucci is available 7 days a week, on evenings, weekends, and holidays.