“You Can’t Do Your Own Rehab Work”

 

“You Can’t Do Your Own Rehab Work”

 

 

 

 

 

 

Hi Joe, So we put in our offer for the house we want and the bank will only accept a rehab loan, which is what you thought would be the case. So we were wondering if you can send us a new pre-qualification letter. The damage inside doesn’t look extensive, just needs new drywall on ceiling and wall. Jason can do the work himself. We just wanted to know what the next step is. Thank you Joe 😊

 

 

Unfortunately, 99% of the time you can’t do your own renovation work when we’re doing an FHA 203 K loan. Even though the renovation costs are rather minimal, the guidelines are the guidelines.

 

The nice part about this transaction is that these clients are getting a great buy on a home and will have some serious equity once the work is completed.

 

 

Subscribe to my blog via Email:

 

Enter your email address:

Delivered by FeedBurner

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 3 commentsJoe Petrowsky • June 21 2019 07:08PM
“You Can’t Do Your Own Rehab Work”
share
“You Can’t Do Your Own Rehab Work” Hi Joe, So we put in our offer for the house we want and the bank will only accept a rehab loan, which is what you thought would be the case. So we were wondering if you can send us a new pre… more
“Credit Scores aren’t the only Important Factor”
share
“Credit Scores aren’t the only Important Factor” American Eagle my bank did not approve me, even though they said they would. I know you told me that was going to happen. My friend Jose told me you know what to do. I don’t understand why… more
“Lost Ship”
share
“Lost Ship” There was this magician who had a job on a cruise liner, entertaining the passengers with a nightly show. He was very successful in his job and there was always a full house at all his performances. Life was sweet. The money was… more
“Not all Credit Companies are Created Equal”
share
“Not all Credit Companies are Created Equal” Hello Joe. I just checked my credit on Credit Karma. I am not sure how reliable it is, but it says Trans. 615 and Equifax 626. What was the score I have to reach to be eligible for the… more
“Getting a HELOC can be Tricky”
share
“Getting a HELOC can be Tricky” Hello Joe, hope you have a wonderful weekend Immersed in the kitchen remodel. I hit a few snags on the heloc. Originally the bank said I had access to $60, 000, they did numbers wrong and it was going to be… more
“Cash Available in spite of Issues”
share
“Cash Available in spite of Issues” Hi Joe, Thank you for taking my call yesterday. Can’t believe I couldn’t get the mortgage that I need from any Boston banks that I contacted, but at this point I could care less as I was directed to you… more
“Buying a Home without Selling Your Current Residence”
share
“Buying a Home without Selling Your Current Residence” Good evening Joe. This is Sarah and Jason. We are interested in selling our house again (hopefully the third time is a charm! ) and we are wondering how much we are qualified for and if we… more
“The Odds were Not in Our Favor”
share
“The Odds were Not in Our Favor” Hi Joe, I got the house! The selling Realtor knows you according to my Realtor. My sense is that it made a big difference. I will be back in touch with you after I meet with my realtor tomorrow. Good wishes… more
“Great Way to Get the Message Across”
share
“Great Way to Get the Message Across” A man and his wife were making their first doctor visit, the wife being pregnant with their first child. After everything checked out, the doctor took a small stamp and stamped the wife’s stomach with… more
“Gail is still Laughing and Our Daughter Just had Twins”
share
“Gail is still Laughing and Our Daughter Just had Twins” For weeks a six-year old lad kept telling his first-grade teacher about the baby brother or sister that was expected at his house. One day the mother allowed the boy to feel the… more