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Updated over 9 years ago on . Most recent reply

My 1st FHA 203k Diary
Hello All !!
Today my offer was accepted. The house was listed on HUD Homestore in Romeoville IL!
It was listed for 47,250$ the last day of the owner occupant period I offered 55,000$ ( which was Saturday night)!
I didn't hear anything untill Monday 3pm. That they accepted the offer at 51,700$.
How is it 3,300$ less than what I offered but I am not complaining.
I am pre approved for a 3.5% FHA 203k 90k.
I have a couple questions if anyone knows or the reason why I am making this diary is because I have not seen very many FHA 203k deals.
I will be going through the process of getting my General Contractor approved and submitting the scope of work to be approved.
Some information about the house. It's a 1356 sq 3/1 Ranch with 2.5 car detached garage.
Rehab budget will be 30k because for fha 203k streamline you have to stay under 35k and they hold 5k for overages.
I will be added a new bathroom. Updated and changing the layout of the kitchen. Updating the existing bath. Added a master suite. (4th bedroom) to go with the new bath. Also all new flooring, paint. Will have to add a laundry room as well.
ARV ending product 4/2
155,000$
Thoughts? I am waiting to hear what the next step is. My realtor and lender just finished multiple FHA 203k loans so I hope they are on their game.