3.5% of purchase price plus renovation costs.. So if the purchase price is $100K, and the renovation cost is $50K, you need 3.5% of $150K... ($5,250).. No calculator needed.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
There is no calculator that you can be referred to. If you are looking for generic info, there are three factors that you will need to consider. Purchase price + Improvements: Down payment is 3.5% of that. Appraiser's "As Finished" value: The maximum loan amount is up to 110% of A-F Value. Additional fees/costs, depending on the scope of the project can add an additional $800-$2,000 to closing costs. If you want more specific, you should be working with a 203k Certified Mortgage Professional. The biggest problem I run into with 203Ks is people attempting to do too much of the footwork first and then waiting too long to seek me out. Look for a Certified Originator for Tennessee at The National Association of Mortgage Professionals at www.NAMB.org~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950
I'm not sure what your're asking. More information please.
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kmenu
If you are looking to do a construction loan, or a rehab loan, please visit my website at www.yourloanpartnerforlife,com linda you might have to copy or paste in your broswer, it depends on what server / broswer you are using.
I can help you with all your 203-K questions. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260
You will need to have 3.5% of your total final purchase price plus renovation cost.
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