Beacon Lending Home Loans in Denver Colorado

FHA 203K Standard Loan --The True FIXer UPPer Loan

The FHA 203K loan has been around since the 1970's however the reason why you don't hear about alot of them being done, is either the borrower is aligned with an in-experienced loan officer, who does not want to take on the challenge of additional work and time to close, or you just don't know about it. And it is amazing, and it is all I do here in the wonderful State of Colorado.

Here is how it works, and you can either do a PURCHASE or REFINANCE with this loan.

You can roll in the comprehensive repairs to be completed by a general contractor and subs into your loan amount. Simple as that.

Integrated remodeling of a room, area, or entire home with multiple jobs being coordinated by one contractor. Want to add a bedroom, bathroom, or any additional square footage, a deck, a new kitchen, can all be rolled into the interest rate, which now is between 4.875%-5.625%. Amazing. LOW! RATES!

So here is an example of a purchase I am working on now. The buyer is purchasing a home with foundation issues, and a bunch of other problems for $290,000

The FHA HUD Consultant estimates the repaired to be around $110,000, so the new loan amount, which has to abide by FHA County Limits, is maxed at $406,250.

The cost per square foot in this particular area of Denver is a little over $210. The property is 2800 sq feet. That will justify an after appraised value of $588,000. WOW!

Even if the buyer wanted to sell the property in six months, he will have an amazing profit of over $180,000!

About the Author

Brian Quigley
Brian Quigley
 NMLS# #244003

Brian Quigley has been in the Denver mortgage industry since 2003. Customer satisfaction has been his top priority while guiding clients through the home loan qualification process. He is proficient in all types of mortgage financing including FHA/VA, Conventional, USDA, Jumbo, Portfolio, 1031 Exchanges, Reverse Mortgages, Refinancing, Construction loans, and FHA 203K loans.

View Full Profile

Mortgage Industry News and Information

Delayed Financing and How It Can Benefit You

View >>

Asset Qualifier Loans

View >>

Eliminating Mortgage Insurance in the Colorado Real Estate Market

View >>
1 2 3 29

Join Our Weekly Newsletter

Stay up to date with the latest news from the mortgage industry in Colorado.
Stay Informed and Sign Up

Beacon Lending

NMLS# 2085418
brianq@beaconlending.com
(720) 524-3215
2301 Blake Street Suite #207
Denver, CO 80205

Our office is located in the northwest area of downtown Denver just 1 block North East of Coors Field on Blake Street. Our building sits on the Northwest Corner of Blake Street and Park Avenue West.

Hours

Monday: 8:00 AM – 6:00 PM
Tuesday: 8:00 AM – 6:00 PM
Wednesday: 8:00 AM – 6:00 PM
Thursday: 8:00 AM – 6:00 PM
Friday: 8:00 AM – 6:00 PM
Saturday: 8:00 AM – 6:00 PM
Sunday: 8:00 AM – 6:00 PM
closemap-markerbarscaret-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram