Jlsfrnd, I am not sure I understand your question. This is a program to buy a home and I have never seen it used in connection with section 8. I thought section 8 was a rental program. The repairs are completed after the buyer completes the sale of the home.
MyMadMax83, thanks for the comments. I made that video years ago and it still hold sup today. Great program. If anyone needs one in CA, call me at (866) 385-1650
Can a Housing Quality Standards (HQS) Reinspection (as with section 8 homeownership voucher program) be delayed until after the buyer owns the home and repairs to their expectations be done?
Hey sunshine guy. Thanks for the kind words. At the end I was trying to have some fun..... You know humor? Anyhow, even a bad joke can't take away ALL of my credibility. Have fun out there.
Lemme tell you something, fellas. I've been a 203(k) originator since 2008. I saw the writing on the wall when the market crashed and knew this would be THE product of products to help revive the market. I frequently browse the web looking to see what others are doing. THIS right here is the best video I've ever seen explaining the process. It really is too bad all the credibility sinks at the end when Hans puts on a stupid mask! WTF?
Jdrobek, you are right, there are other options. Escrow holdbacks are rare in my experience. There is also a Homepath renovation loan but I have not found anyone who does them. Thanks for reminding me that every situation and every borrower and every house is unique.
You said it's only cash or a 203k . . . I disagree with that statement. Although a 203k is a great option there are others such as an RD with a repair escrow financed into the loan. Or if it's simple repair like a window or roof repair, etc. . . do a fha 203b with a repair escrow.
In theory, you can get the tax credit to use towards closing costs and/or for ADDITIONAL down payment above the 3.5% initial down payment. You can't use it for your initial 3.5% down payment. The trick is finding a program that actually fronts you this money while you wait for your tax refund to come in the mail. My solution has been to loook to friends, family, church for the money as a gift and then file an amended 2008 tax return and get the money quickly. Gift the money back if you like....
MoodyMan, great questions. FHA does not have a minimum credit score but most banks do and on this program currently you need a minimum 620 FICO score to qualify.
Jlsfrnd, I am not sure I understand your question. This is a program to buy a home and I have never seen it used in connection with section 8. I thought section 8 was a rental program. The repairs are completed after the buyer completes the sale of the home.
hbruhner 2 months ago
MyMadMax83, thanks for the comments. I made that video years ago and it still hold sup today. Great program. If anyone needs one in CA, call me at (866) 385-1650
hbruhner 2 months ago
Can a Housing Quality Standards (HQS) Reinspection (as with section 8 homeownership voucher program) be delayed until after the buyer owns the home and repairs to their expectations be done?
jfsfrnd 2 months ago
I work in the banking industry and this is one of the best explanations of this program! Nice job!
MyMadMax83 3 months ago
Hey sunshine guy. Thanks for the kind words. At the end I was trying to have some fun..... You know humor? Anyhow, even a bad joke can't take away ALL of my credibility. Have fun out there.
hbruhner 11 months ago
Lemme tell you something, fellas. I've been a 203(k) originator since 2008. I saw the writing on the wall when the market crashed and knew this would be THE product of products to help revive the market. I frequently browse the web looking to see what others are doing. THIS right here is the best video I've ever seen explaining the process. It really is too bad all the credibility sinks at the end when Hans puts on a stupid mask! WTF?
TheSunshineGuy 11 months ago
Jdrobek, you are right, there are other options. Escrow holdbacks are rare in my experience. There is also a Homepath renovation loan but I have not found anyone who does them. Thanks for reminding me that every situation and every borrower and every house is unique.
hbruhner 11 months ago
You said it's only cash or a 203k . . . I disagree with that statement. Although a 203k is a great option there are others such as an RD with a repair escrow financed into the loan. Or if it's simple repair like a window or roof repair, etc. . . do a fha 203b with a repair escrow.
jdrobeck 11 months ago
In theory, you can get the tax credit to use towards closing costs and/or for ADDITIONAL down payment above the 3.5% initial down payment. You can't use it for your initial 3.5% down payment. The trick is finding a program that actually fronts you this money while you wait for your tax refund to come in the mail. My solution has been to loook to friends, family, church for the money as a gift and then file an amended 2008 tax return and get the money quickly. Gift the money back if you like....
hbruhner 2 years ago
MoodyMan, great questions. FHA does not have a minimum credit score but most banks do and on this program currently you need a minimum 620 FICO score to qualify.
hbruhner 2 years ago
If I'm a first time buyer, can I use the $8000 tax credit to cover the 3.5% and have the bank to cover the closing cost?
MoodyMan1978 2 years ago
What type of credit scores you need?
MoodyMan1978 2 years ago