Tulsa FHA 203k Loans Covers Remodels
Are you a local Tulsa resident who owns a home but realize that there are many remodels and repairs are required before you can really call this house your dream home. If this is you, then you should call First Capital Mortgage today. At 1st Capital Mortgage, we have a number of different loan options that will be able to help you get the repairs and home improvements quickly and efficiently. One of these options is called the Tulsa FHA 203K loans. These loans are great if you want to get a loan for a home that requires many repairs. Call our team at 918-274-1519 in order to learn more about these loans today.
The first main difference between Tulsa FHA 203K loans and other loans that are out there is that these loans cover the costs of remodeling your home. Not only do these loans provide funds in order to cover the cost of the remodeling improvements of your home, but they are designed to cover the cost of renovations and repairs as well. This is the perfect loan for you if you want to move into a home that requires many different repairs. Our team would love to assist you by letting you know all the different requirements that go into this type of loan. Give our team a call today in order to learn more.
There are two different types of Tulsa FHA 203K loans. The first type of these loans is the normal 203K loan. This loan is designed for different homes or properties that require structural repairs. This could include, for example, repairs on the roof, another room addition, or any other structural repair that you may have. The other type of FHA 203K loan is called the streamlined 203K loan. This loan is designed for nonstructural repairs that could include things like painting, new appliances, and other nonstructural requirements.
Please keep in mind that there is a minimum loan amount for Tulsa FHA 203K loans. While many people think that they can get this loan for any amount of money, there is a minimum amount that your loan must cover. This minimum amount is $5000. The reason why there is a minimum amount of $5000 is because this type of loan has certain consultancy and management requirements to ensure the home improvement work is actually getting done in a proper and timely basis..
While there is a minimum of $5000, there is no maximum amount on this loan. There’s no maximum amount because some homes repairs will cost a very large amount of money. As long as there is an appraised value of the home and of the repair costs combined is enough to cover the loan, then you can qualify for a Tulsa FHA 203K loan. In order to qualify for this loan you must also have the cost of the home and the cost of the renovations appraised by a certified home appraiser. If you do not know where to find a home appraiser, then call our team today.
In addition to requiring home appraiser, you also need a certified FHA consultant as well. The FHA consultant is very different from the home appraiser. The reason why we acquire an FHA consultant for a Tulsa FHA 203K loan is because the FHA consultant will actually oversee the process of construction and all the bids involved as well. Furthermore, the FHA consultant is required to authorize the release of the funds. These funds will be released in order to pay the contractors as various repairs are nearing completion.
It is good to remember that the Tulsa FHA 203K loans is different from other loans available in the marketplace. The FHA 203K loan is different, for example, from a standard FHA 203B loan. The main difference is that the 203K loan only deals with renovations, construction, and remodels to your home. These renovations will be able to be eventually rolled into a permanent financing option, if needed. On the other hand, standard FHA 203B loans require permanent financing from the very beginning of the life of the loan and is used to buy the home, not necessarily just repair it. Call our team in order to learn more about the differences between this loan and other loans out there.
Another important difference with the Tulsa FHA 203K loans and other loans is the issue of mortgage insurance. Mortgage insurance is different with this loan as compared to other loans such as a conventional loan. The main difference is that a conventional loan does not require mortgage insurance when the loan to value ever falls below the percentage mark of 78%. FHA 203K loans will not terminate the mortgage insurance even if the loan-to-value alls below the 78% mark. In addition, FHA 203K loan mortgage insurance are required to be paid over the life of the mortgage. Call our team to learn more about the differences between FHA 203K loans and conventional loans.
Mortgage insurance is always important to consider in the overall cost of the loan – especially with the type of loan in discussion on this webpage. Our team would love to assist you in figuring out the issue of mortgage insurance. If you have any questions or needing assistance to give our team a call and we would love to answer those for you. We are available throughout normal working hours during the week.
In summary, it is important to review all the aspects of the Tulsa FHA 203K loans. First, this loan program will offer funds to cover the cost of repairs and renovations. There are two different types of FHA 203K loans offered which include the normal and streamlined FHA 203K. The minimum loan amount for this type alone is $5000. You must hire a home appraiser and FHA consultant as part of the package when obtaining this type of loan. This loan is very different from other loans such as a 203B and the conventional loans in that they are used to purchase the home and are not limited to just making home improvements. Give our team a call at 918-274-1519 to learn more about these loans today.