Alliance between Gloucester & Burlington County Subgroups in September!
September 12 @ 6pm - Brooklawn, NJ
Do you know what FHA 203K Loans are all about? – The Truth about FHA 203k Loans
Your speakers on the panel discussion tonight:
Paul Janaitis - HUD Approved 203k Consultant at Stonewall Contracting
Neil Rogove – Housing Solutions – Licensed Contractor
Joseph V. Scorese – Mortgage Banker – Vision Mortgage Capital – Division of Continental Bank
The FHA 203k loan program is the Department's primary program for the rehabilitation and repair of owner occupied residential properties, basically a home improvement loan. As such, it is an important tool for community and neighborhood revitalization and for expanding home ownership opportunities. Since these are the primary goals of HUD, the Department believes that FHA 203k loan is an important program and they intend to continue to strongly support the program and the lenders that participate in it.
We will discuss the following:
10 Steps to the FHA 203k Loan Process
1. You educate the client on the ability to use FHA 203k loan program and refer them to an experienced FHA 203k lender
2. Borrower gets preapproved – if they are preapproved for $250,000 this must include the purchase price + costs they are rolling in
3. Shop for houses
4. Negotiate the contract – offering as-is value and selecting FHA financing
5. Inspections/gathering bids
6. Finalize bids
8. Final underwriting sign off
9. Closing (depending on the bank this will be 30-60 days after going under contract)
10. Work begins and must be completed in 6 months (with an FHA 203k Streamline) to 12 months (Full FHA 203k loan).
We are working on bringing in speakers on a variety of topics as well as towns, projects and development in Gloucester County. Gloucester County has more open space and some areas are priced lower than some of the other counties.
Entrance fees: $5 for Members, $15 for non-members
Metro Diner • RT. 130 & Browning Lane • Brooklawn, NJ 08030 • 856-456-3690
(This is the old Ponzio's Diner for those of you that are familiar)
This is a great restaurant that''s been newly renovated. We have a private room and for everyone who comes, they can order on their own. Everyone loved this place at our June meeting which was our first meeting here, so come out and Enjoy!
This subgroup meets the 2nd Wednesday of the month. Guests and Members always welcome!
2012: Sep 12, Oct 10, Nov 14, Dec (no meeting)