FHA 203k Rehab Loan Requirements: Everything You Need To Know Up-Front

[@WinTheHouseYouLove]

Here's everything you need to know about FHA loans so you can make sure you don't run into any issues when you're ready to qualify → kzbin.info/www/bejne/iV7Zao2uf8qpnNE

[@UsDiYoNa]

Kinda confused still, do I need to take care of the health hazards like mold and paint BEFORE applying for a 203k or are those repairs the purpose of the 203k?

[@Prometheus0825]

Your truly the best wish you work out of New Jersey z😲

[@monique06608]

Hi my husband and I recently bought a house and received a 203k loan. The lender disbursed half of the loan to get us started with the rehab work, however they will not disburse the remainder under the work is complete. This confuses me, because we need the money in order to complete the work. Can you advise us please?

[@bbsvchic]

@@monique06608 you guys got a 203k loan without a contractor?

[@monique06608]

@@bbsvchic Hi, we have a contractor however we managed the money ourselves.

[@RT710.]

Dude you’re the best!! For sure the #1 resource for mortgage info on KZbin! I really appreciate your engagement with us- I will definitely be using this video as a reference to help me move forward efficiently and competently

[@WinTheHouseYouLove]

Thanks so much!! I’m glad to help :)

[@nittavanitta9046]

This is the only option that worked for me in this current market. I’m a single parent, and didn’t have money to compete with other buyers, who were overbidding on old rundown homes. Plus they only wanted cash or conventional buyers. I’m currently waiting for my closing date on my foreclosed split level home. Not bad for my 1st home. 😏

[@WinTheHouseYouLove]

Wow! Thanks for sharing your story. :)

[@nadimulatik6391]

How many years of work history does it required ?

[@Prettybrwn2]

Update. Thinking about doing this as well

[@anb.b9219]

Hi Nitta! I would love to hear about your experience with this type of loan! I have experienced a lot of what you went through before you decided to renovate your home.

[@tanayiaanderson3379]

Not bad at all 🎉

[@WinTheHouseYouLove]

0:20 Overview 0:43 2 versions of the FHA 203k 1:46 Credit score requirements 2:50 The big benefits of FHA 203ks 3:45 What can you fix? 4:57 FHA's list of repairs you can do 6:21 How much can you borrow? 7:56 Can you do the work yourself? 8:38 Sweat equity 9:03 Bids and the contractor 9:24 My honest opinion of 203ks 9:50 How long it takes to close 10:49 How long does it take for work to be completed? 11:15 FHA 203k rates and refinancing 12:28 Alternatives 13:15 203k example and who this loan is for 14:40 8 steps to close on a 203k 16:44 How to qualify for an FHA loan

[@WinTheHouseYouLove]

🎧 Listen To The Podcast plinkhq.com/i/1493715474 💰 7 Proven Ways To Save Thousands On Your Home www.winthehouseyoulove.com/free

[@donnyp3346]

I believe you have to live there a year I'm wondering can you keep repeating the process or will FHA SAY NO YOU CANT KERP FLIPPING THEM DO YOU KNOW

[@Gotfish]

Late response to this video, but I can't seem to find an answer to my question. For the contractor to start working on the rehab of the home, are funds already disbursed and provided for the Contractor to rehab, or do we have to provide those funds up front to the Contractor and then get reimbursed by the FHA loan?

[@203kDYW]

@@Gotfish there are some occasions when the 203k Consultant will allow a contractor to get an early Demo draw but for the most part, the contractor has to float his money until demo has been completed, checked, and approved. Then the Consultant will release the first draw. From there he/she will work on the next items in order to be checked for the next draw. This repeats until the project in finished. Once checked thr last time, the contractor will get their final draw.

[@203kDYW]

@@donnyp3346 in theory yes. However you'd have to package your story to make it make sense for the underwriter. 1 method I learned from "MG the Mortgage Guy" is his 4-3-2-1 Method. You buy a quad(4-plex) live in it for 1 year, then refinance to a conventional loan. Then buy a tri-plex, live it for 1 year, then refinance to a conventional. Then buy a duplex, live in it for 1 year, then go buy your dream single family home. Once you get to that point, you'll have 9 doors paying for your dream home! It still has to make sense but typically when you move down in unit count, you move up in square footage per unit. This is viewed as an upgrade and easier to get approved.

[@tmcdgreen]

This video is evergreen. I'm saw FHA 230K on a listing, searched KZbin and wham, a WTHYL video! Excellent!

[@WinTheHouseYouLove]

Thanks for watching!

[@yellowpaprika]

Omg, I love how you put the content together! You are amazing at explaining things. Just gave you the 200th 'like' and going to subscribe :)

[@WinTheHouseYouLove]

Thank you so much!!

[@dontran6061]

My guy deserves more subscribers! I'm in the process of purchasing my first home and appreciate you sharing your knowledge.

[@WinTheHouseYouLove]

Awesome! Thank you!

[@AimeMOfficial]

so i currently have a fha loan property that is a multifamily that i purchased over a year with fha loan. its been 2 years now and i would like to buy another one with fha loan aswell, how do i do that?

[@jayshaunpatty8972]

Thank you for your research for this video. It was very informative and very detailed. This video was exactly what I was looking for. Keep em coming sir

[@WinTheHouseYouLove]

Glad it was helpful!

[@dianetabak7319]

Im studying for my NMLS. took the class online. Your videos are GREAT to clear up some info and reinforce it all.. THANK YOU KYLE!

[@WinTheHouseYouLove]

Thanks so much!!

[@craigloomis20]

Much respect. This is a solid youtube video no fluff just presentation

[@WinTheHouseYouLove]

Glad you enjoyed it!

[@JM-fi7uc]

Watching this video because I found a house that needs complete re-siding, half the windows replaced, and the deck completely replaced or torn down. Thanks for the knowledge. Not looking to flip, just want to live there. It's a time capsule from the 80s

[@WinTheHouseYouLove]

Wow! Thanks and best of luck. :)

[@julianparks3325]

Wow so glad I found you one this subject ❤❤

[@reignruyolty8108]

This content is now the reason we feel more confident in this being the right choice for us! Ty Kyle :)

[@WinTheHouseYouLove]

I love to hear that. Thank you for watching!!

[@ThunderAppeal]

Sober videos like this is what makes the internet worthwhile. Thank you for not posting reaction video for idiots.

[@WinTheHouseYouLove]

Hahaha man I hate those reaction videos and thumbnails with dumb, surprised faces

[@five10queen]

So glad. A house came up in my current neighborhood where I’m renting but can’t afford to buy. I’m considering doing this. Have to see how much and what work needs to be done.

[@WinTheHouseYouLove]

Awesome!

[@deontaydonley7579]

Your the only KZbinr I have to pull out a pin and paper with ....and you know what I’m not even mad 😂😂 great videos full of useful factual info .

[@WinTheHouseYouLove]

Hahah welcome back to school. Thanks for watching! Kyle Seagraves → winthehouseyoulove.com

[@msbabyboo20111]

Thought I was the only one

[@anthonygall6044]

When does the mortgage payment begin; during the repairs or after you move in?

[@evegu1]

Can I just say I love ur videos, the way u explains things is just awesome.

[@WinTheHouseYouLove]

Thank you so much 😀

[@madspy2462]

I wish i was told by the lender about the requirement that a professional general contractor has to do 90% of the work. I was planning on doing about 80% myself but now am between a rock and a hard place. Glad i saw this video before closing

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@devonhoward3310]

Thank you! Would love to see one for Fannie Mae Homestyle Loan 🙏🏽

[@tinaharbor8506]

Can you do video on current homeowners !!!!!I want to pull equity out my first home, so what’s the best product to use, when I want to keep my first home, & rent it out and then move into a 4plex using the 203k loan

[@clairewebb1203]

Thank you! Would love to see a video on Fannie Mae HomeStyle Renovation loan as well :)

[@WinTheHouseYouLove]

Noted!

[@brandisellsdreams384]

I love your videos so much! I work with VA and first time buyers a lot, and you're so relaxed and NOT YELL-Y like many of the "5 MISTAKES BUYERS MAKE DEAR GOD DON'T DO THIS YOU WILL REGRET ALL OF YOUR LIFE CHOICES UP TO THIS POINT {INSERT WEIRD GRAPHIC AND LOUD NOISE}." My style is calm, and patient - and I warn my clients before they listen, don't be driving because your voice is very chill. 🤣 Thanks for the awesome and informative videos that don't scare the mess out of my clients! 🙌

[@WinTheHouseYouLove]

Thanks so much!! Hahah no one likes loud obnoxious people, I don't get why there are so many like that on KZbin!! Thanks for sharing the videos! - Kyle Seagraves winthehouseyoulove.com

[@kimlith229]

Wow, I may just work towards an FHA 203K Loan. And convert to a conventional. I’m not in construction but I’ve contracted construction projects for work so I know exactly the process to get work done. Wow. I’m so excited. Thanks. Please post more about this topic 😍

[@WinTheHouseYouLove]

Awesome, best of luck!

[@chaster8337]

I don’t usually comment in videos, but you definitely deserve the thumbs up 👍

[@williamcathcart387]

Not for nothing, but your voice is what I'd imagine that my hypothetical therapist would have for a voice. If that makes any sense lol. Soft spoken dude .. it has almost a calming effect 😂

[@WinTheHouseYouLove]

Hahah thanks

[@Crystal-qg4rd]

Just by the way you explained and broken down this so well you have a new subscriber. Thanks!

[@WinTheHouseYouLove]

Welcome aboard! I hope you can get to watch more videos about FHA. Thanks for the sub. :)

[@msbabyboo20111]

So much information and my pen has not stopped working since the beginning 😂! Thank you

[@WinTheHouseYouLove]

Happy to help!

[@ابوالرمزالرمز]

Hi there I would like to say few things thx for this great job and great information it’s helpful I love the way u put the content together I will recommend ur videos to my friends once again thank you 🙏 and be safe

[@WinTheHouseYouLove]

Thanks so much for watching and commenting! I'm glad it's been helpful! Kyle Seagraves → winthehouseyoulove.com

[@ابوالرمزالرمز]

Win The House You Love 🙏🙏🙏🙏🙏🙏👍👍👍👍👍👍

[@nadatiktips7509]

Thank you so much for proving all this value for free for us! This is great. Thanks again♡

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@alexwojcik9650]

This is awesome! I currently flip homes. - I have one that we want to keep and live in. We need to close in less than 30 days. - The best option I see is an acquisition + rehab loan (HML). Then refinancing it into my personal name. - Any other ideas on a shorter timeline?

[@cidfernandez8909]

By far one of the best breakdowns of a loan program i've seen. You've got a fan and a subscriber in me.

[@WinTheHouseYouLove]

Thank you so much!!

[@delilahashraf7112]

You applying for a loan

[@morgangmilligan]

Your awesome bro. Just gave a TUP! AND SUBSCRIBED,! You come across as very down to earth. That is very important to me, keeep it uppp,

[@WinTheHouseYouLove]

Thank you so much!!

[@TheRealJohnJ10]

Excellent informative video. I’m currently thinking about a major project in my home. This was very helpful.

[@WinTheHouseYouLove]

Glad it was helpful!

[@HavocDH]

Do you have to be a first time home buyer? Or can I do this many times?

[@lakeshaholiday7707]

Thank you soooo much for this easy to understand video!

[@WinTheHouseYouLove]

You are so welcome!

[@audrabailey9255]

The house we have under contract has the utilities turned off...at what point can we get them turned on? Can I live in the house during contraction?

[@robertcornelisse8664]

Thank you so much for the video. Could you go more in detail about the flowchart at the end. Like appraiser, finding out arv, permits/OPRA, title search, building Inspector, etc. ?

[@WinTheHouseYouLove]

You're welcome! I'll add a follow up video to my video list :)

[@tamathatakacs5949]

Where can I find the info where 6 months of payment can be deferred? Till after the rehab is done.

[@bigj3233]

Appreciate the information! Thanks!

[@WinTheHouseYouLove]

You’re welcome :)

[@bbsvchic]

When applying for an FHA standard 203k loan, what’s the best way to do that? Just going to their website? It’s a little hard to navigate. And when I do the research myself and the Internet recommends lenders to me, when I call them the person talking to me goes “oh I’m not sure about that”. I feel like I’m going in circles even at the starting point

[@timothygarica1508]

Do you start paying your mortgage once u move in or do have to pay mortgage regardless while thier rehabing??

[@sar4432]

Do I need to verify income for this loan?

[@Rizzyvoe]

Thanks for the vid. I’m battling as a first time homebuyer if I should do this loan.

[@WinTheHouseYouLove]

Best of luck!

[@barbarahogan5726]

Excellent video ❤️

[@WinTheHouseYouLove]

Thank you very much!

[@MrJuandiego1988]

You can’t sell the property after just a year or two? Will you gain profit from it?

[@jadeboutique534]

You are very helpful. Thank you

[@WinTheHouseYouLove]

Hi, thank you so much for the kind words, I really appreciate it!

[@rachelmadison1954]

This was fantastic! Thank you for a well-rounded detailed explanation!

[@WinTheHouseYouLove]

Glad it was helpful!

[@jenntopp1]

You make it seem so streamline. Thanks

[@WinTheHouseYouLove]

Wow! Thanks for watching!

[@lukeshaw6445]

Thanks for the video. That was really helpful. What other ‘rehab’ loans or construction loans do you recommend for doing renovations? Or loans that can work in tandem with a conventional loan?

[@WinTheHouseYouLove]

HELOCs are a popular way to finance home improvements, it is a secured loan & backed by your home. You can also qualify for lower interest rates than you would for an unsecured personal loan.

[@onethousandtwonortheast8848]

Hey Kyle, for a senior citizen who has some roof issues, would a cash out or HELOC loan be the way to go? I’m not really sure how the bank would be willing to lend me money since I’ve got some serious water damage. What should I look for loan wise?

[@kristinalugo7893]

Great video, Kyle! Is it possible to buy a multi-unit with an FHA, then a year later get a single family with an FHA/203k? For example, buying a multi-unit as a single person then a year later your family size doubles and you need more space, but there aren’t any affordable options that meet your needs SOOOO you looked for affordable properties that you can improve. I saw your other video about 2 FHAs but I wonder how a 203k affects that. Thanks!

[@WinTheHouseYouLove]

Thanks! You certainly can :)

[@fallowinGod777]

Is it possible to live in the house during the repairs?

[@arcticwolfx8]

so can you live in the home during the repairs? or can you only move in after its all done?

[@ArtByGerrett]

When would be the best time to select a 203K consultant? Before or after applying for a mortgage?

[@Rocksolidhandyman]

Great video! I imagine a contractor is going to charge about $500-$1000 for the consulting, the detailed line by line bid and the countless times they have to communicate with the homeowner/appraiser/Lender.

[@WinTheHouseYouLove]

Hi! Thanks for watching! :)

[@p51mustang24]

If they are a competent contractor, I'd expect that to be built into the costs whether directly or indirectly. If they do a good job and the pricing is in the right ballpark, don't nickle and dime them. Especially considering that the work will likely get you some extra equity on top of what you are paying the contractor.

[@mf9724]

Thanks for the info, your videos are very clear!

[@WinTheHouseYouLove]

You're very welcome! Thanks for watching!

[@mrmagorium12]

Nice video Kyle

[@WinTheHouseYouLove]

Glad you enjoyed it!

[@xelawash]

Once again, an incredibly great amount of good information. Thanks again! 👍

[@WinTheHouseYouLove]

Glad you enjoyed it!

[@bladnik1]

Any changes for these loans on 2023?

[@jeancarlosmendez1504]

Great video again!! If the contractor takes 6 months to finish the project will I be making monthly payments for those 6 months?

[@WinTheHouseYouLove]

Thanks! Since the 203k closes before work is done, you'll have to start paying back the loan after it closes even if the work takes a few months.

[@teestowers3943]

Great video! I am a new LO and I am working with a contractor that specializes in ADUs. Homeowner is already living in home, so would 203k loans work in this situation? What loan(s) besides cash out refi would you recommend? ADU's cost anywhere from $180k-$380k here in CA.

[@rebekakleiner9680]

Can you move into the home before repairs are completed?

[@WinTheHouseYouLove]

If habitable, yes

[@colefrechou270]

My man! I believe that I am one of the big reasons this video came out if I do say so myself, haha. Just joking, but great video, Kyle!

[@WinTheHouseYouLove]

You definitely tipped the scales!! Thanks for watching and suggesting!!

[@gregthomas3137]

Great video!

[@WinTheHouseYouLove]

Glad you enjoyed it

[@lonelyp1]

I'm looking at a couple properties with old mobile homes on them. If I am to buy one of these my plan would be to scrap out and remove the old home from either lot. and replace with a new home. I don't know, can I rehab the LOT instead of the home? By using an FHA 203k loan or would I need a different type of loan? I think price may keep me in mobile homes but would go modular if I could.

[@twerk5954]

@@lonelyp1 you would need a construction loan. This is slightly different feom 203k loan

[@andywiers7236]

Can I buy a home with a conventional loan then refinance into this 203k program? Going to be hard to find a seller willing in this hot Phoenix market.

[@hahmb2908]

If I refinance into a conventional loan, would i be able to use the FHA loan again on another property?

[@HollisKevin]

I love the video. You did a great job in explaining the FHA 203K loan and the process....Hi what if your family owns the property (house and Land) but you want to renovate the home. Do you have to put the property in your name. My family have a home that sits on 1.4 acres. I want to add a double car garage with living space and remove existing roof on existing home and create living space above. I looking at between 200-250k in repairs to update the home.

[@Jsonshotit]

Hey if you can help me out with this question, you mentioned that with the 203k loan you need to live in the house for about a year all that time you would also need to pay the interests that comes with the loan?

[@WinTheHouseYouLove]

Thanks for your question! Yes, with a 203k loan, you need to pay interest on the loan amount during the rehab period and while you live in the house.

[@donellemoss]

Can you move in before the repairs are done? If the whole house has been redone except for let's say the basement needs redone

[@WinTheHouseYouLove]

I'm not sure if this is safe, but you can ask your contractors about this.

[@careeryoungpros7269]

thanks for sharing, your explanation is clear and easy for follow!

[@WinTheHouseYouLove]

Glad you enjoyed it! Thanks for watching!

[@taesebron4873]

Had to subscribe and like it twice.

[@WinTheHouseYouLove]

Wow, thanks! Welcome aboard. :)

[@luvdr350]

Can i use a 203k to refinance for repairs/remodeling?

[@dabrownconservative7843]

So does the 1 year owner occupied clause start at the beginning of the loan or 6 months after the repairs are done and you move into the property?

[@WinTheHouseYouLove]

You'll want to read through the occupancy portion of the closing documents

[@mariavillanueva0526]

great video!!! highly appreciated!!! very detailed!!!

[@WinTheHouseYouLove]

Glad you enjoyed it!

[@jcvice5421]

can you buy a foreclosure with a 203k loan?

[@seathchoeun1154]

Good video, thank you for clarify about that program

[@WinTheHouseYouLove]

Glad it was helpful!

[@itsamemikeg]

Great content man! Do you mind increasing the volume during editing just a bit. I’m on full blast on my iPhone and it’s a little hard to hear you.

[@WinTheHouseYouLove]

Thanks! Will do!

[@shawnbernier2562]

Great video! Do you need to work with an outside contractor or can you do all the work yourself?

[@WinTheHouseYouLove]

Thanks! You can only do 10% of the work yourself. The other part has to be done by a contractor. Kyle Seagraves → winthehouseyoulove.com

[@cptrex-7567]

Hi Kyle, when seeking to get pre approved for a loan, does it matter if it's a FHA loan or conventional? Does the pre approval mean you have to get a certain type of loan?

[@WinTheHouseYouLove]

Hey! The pre-approval will tell you which types of loans you qualify for :)

[@203kDYW]

Great video. This is jammed packed with information!

[@WinTheHouseYouLove]

Glad you enjoyed it!

[@JesMarie_W3]

Great video, but I'm pretty sure the USDA 203k loan is a zero down program, no??

[@WinTheHouseYouLove]

Thank you! In this video, I think I included the down payment information. Here's the timestamp: 1:47. Hope it helps. :)

[@JesMarie_W3]

@@WinTheHouseYouLove It's my own fault. I thought I was watching a video on the USDA rehab loan (which IS a zero down loan). So, when you quoted the downpayment at 1:47, it confused me. Apologies.

[@bschleiss19]

What if you qualified for less than the LTV before you switched to 203k? Is my max loan that plus repairs? Or can I borrow more because the property is with more?

[@lperkins51011]

Can I use a 203K loan if my home is not a fixer upper? If I wanted to do an addition to my house would that qualify for the 203K loan?

[@WinTheHouseYouLove]

You sure can!

[@maliquerosenbaum8494]

Do you know about the DSCR loan?

[@WinTheHouseYouLove]

Yes!! We can do them in all 50 states. Feel free to email me [e-mail]

[@rondadecker2397]

Thank you very much

[@WinTheHouseYouLove]

My pleasure and thanks for watching. :)

[@sammodread7188]

very helpful information thank you 2022

[@WinTheHouseYouLove]

Glad it was helpful! You can also check out my updated FHA Loan Requirements video. Here's the link: kzbin.info/www/bejne/jImshIyDjtWZl6s&lc=Ugyx2D9rURVUwGRHd_V4AaABAg

[@brandirobinson3276]

Your information is always on point.

[@WinTheHouseYouLove]

Thanks for watching :)

[@iamevansalinas]

great video thanks!

[@WinTheHouseYouLove]

Thank you so much for watching!! :)

[@grantms07421]

What if you purchase a duplex with an 203k loan? Can you live in the first unit and rent out the second unit, or will you have to wait until the first year has passed to have any tenants?

[@WinTheHouseYouLove]

You can live in the first unit and rent out the second immediately :)

[@ikk1019]

Man I love the information, and I love how this is filmed. What software did you use to do the split screen?

[@WinTheHouseYouLove]

Thanks! Just Final Cut

[@MikeKraemer87]

Can you do 100% financing, aka no down payment with a much higher credit score? Im looking at buying a fixxer upper but dont want to put a down payment down and would like to do a loan like this for some renos!

[@Mayaparaguaya]

Fantastic information!! The way you presented everything was so clear and all encompassing. Can you use 203k to buy a multifamily home if you live in it?

[@WinTheHouseYouLove]

Yes! Multi-family housing that needs rehab can be financed with the FHA 203k. The owner/mortgage holder must also live there. It must also be the owner's primary residence. Thanks for watching :)

[@delilahashraf7112]

Yeah I guess

[@tayloryyaj899]

Hi I have a quick question because a bank told me that I would have to find a property and repairs that equals up to 100,000 is that true ? Or it depends on the bank I’m so confused 🙃

[@WinTheHouseYouLove]

It sounds like they gave you a max amount you could go up to. Now you can begin looking for a property you want that is within that limit

[@matthewbachman9328]

It says that you need to have 2 years of employment in the same job. Could this be any job? Like could I work as a waiter for 2 years and get approved or does it need to be a higher level job?

[@WinTheHouseYouLove]

It doesn't have to be in the same job. And they don't look at "levels" of jobs. It can be any job :)

[@jamiex6072]

Can you get DPA for thus type of loan ?

[@WinTheHouseYouLove]

Yes

[@camilobonnet4445]

Hello there, how are you Many Thanks for all this information. We are located in south Florida. Do you know anyone who can help us with the process in getting this 203k. We have a general Contrator license. We want to get further information Thanks for all your help!!!

[@macjamesflynn3732]

Excellent video, very helpful. I'm curious after watching your FHA requirement video, if the standard FHA loan allows for a multi family 1-4 units, and the FHA 203k requires work to be started in 30 and completed in 6 months, how would this work in a multi with current tenants? Is there an extension/waiver for occupied units? Or does 203k lenders just not consider occupied multis for loan approval?

[@camillikinz]

I believe they do you just have to live in one of the units.

[@WinTheHouseYouLove]

Hmm, I'm not completely sure. You'd likely need to talk to an attorney about navigating the occupancy issues