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Will I qualify for a 203k mortgage w/ FHA?

I want to take on a fixer upper but i have not yet found *the* house. I'm an electrician and have experience with home renovation so that would reduce my need for funds. Otherwise i have 679 FiCO score and 15000 for down payment and other fees. Mostly I'm worried about my credit..is it going to be an issue if I want a rehab loan? by odel.connor8467113 from Wellesley, Massachusetts. Jan 2nd 2015 Reply


Steven Karp (stevek81)
#29 ranked lender in Massachusetts - 122 contributions

Hello Odel...yes you qualify with that credit score. As for loan amount, that all depends on your income and monthly credit obligations.... I have personally written and closed many FHA 203K loans over the last 25 years...They are relatively involved with lots of documents that need to be completed thoroughly and properly ...feel free to contact myself at 781-640-5592...I work out of the Home Loan Investment Bank office in Hingham...or any of the other good folks here at Lender 411....good luck....Steve Karp

Jan 2nd 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Hi Odel, as long as your debt ratio's are ok you should be fine to qualify for a 203k loan. Depending on how much work the home needs, with your $15,000 available for a downpayment you may also qualify for a conventional renovation loan. If you are actually looking in the Wellesley area you may need that much for a downpayment even for a FHA loan.

Jan 2nd 2015
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Robert Oliveira (roberto)
#13 ranked lender in Massachusetts - 89 contributions

Hi Odel, Yes you will qualify for a FHA 203K loan, What you need to know is you cannot be the contractor doing the work youreself. That is the key. So for more info call me 508 802 0935 or email me robertoliveira51@gmail.com

Jan 3rd 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

Your credit score works, the down payment will be 3.5% of the total 203k amount that includes the purchase price + the amount of the repairs. You mention that you would not need as much since you are a licensed electrician, but the lender may not allow you to perform the work on your own or may only allow you to do the work you are licensed in. You will need to check with a local lender and have them review your complete loan application, credit, income and assets to see what your options are. Best wishes, Sean

Jan 4th 2015
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