All Forum Posts by: Philip Ganz

@Michal Kasza The FHA 203k loan you can renovate a 2-4 unit 3.5% down payment of acquisition cost , finance 100% of the construction costs at 110% of the after repair value.

@Jeffrey Allen you need a JUMBO renovation loan. I would look at the Needham savings bank. 

@Jimmy Lieu The FHA 203k loan is superior to the Fannie Mae HomeStle for single and multis because

1) You can go to 110% with FHA 203k of the ARV vs 95% of Homestyle

2) You only need 3.5% down payment versus 5.0% down payment 

3) a HUD inspector is involved upfront helping you make better decisions

@Gibby Brook   Let me introduce you too the off market Queen @Lien Vuong

@Eshmield Ruberté @Lien Vuong is my hero :)

@Emily Lowe  Waltham is my #2 

@Emily Lowe   You should invest in Watertown 1) Closest city to Boston With Residential exemption (low taxes) 2) Good Schools 3) 8 Minute Drive to Boston 4) Low Crime  5) Economically growing - FAST!!!!!

For the FHA 203k loans to go smooth you need a great team. I would always use Mike McDermott FHA HUD Inspector - best in the business.

@Xiaoyan Liang @Lien Vuong

1) You can use your business funds IF you own 100% of the business and it will not harm your business (You will need a CPA or letter from accountant)

2) Yes we will verify you are still in the business. We will request a profit and loss and profit from a bank account that you are getting deposits - business transactions

3) Higher Credit Score - 640 + - Deeper dive into self employment (see #1 and #2)

@Rosemary Olavarria  You need a realtor that specializes in off market properties.  Do not pay retail. 

FHA 203k is a great renovation loan - especially for 2-4 unit properties.