All Forum Posts by: Gage Silling
Gage Silling has started 2 posts and replied 8 times.
Post: 203k Loan / Refinance / Investment Property?
- Tampa, FL
- Posts 8
- Votes 3
Quote from @Andrew Postell:
@Gage Silling some good comments above. I don't think I saw it - it is true you need to occupy for 1 year but you don't have to refinance after you move out. Maybe that was implied...but thought I would mention it just in case. Refinancing costs money...so if I just move out and keep my FHA loan in place that would keep my costs lower.
Hope all of that makes sense. Thanks!
Thanks, Andrew! Great to know!
Post: 203k Loan / Refinance / Investment Property?
- Tampa, FL
- Posts 8
- Votes 3
Quote from @Wayne Brooks:
Quote from @Tommy Nguyen:
Hi @Gage Silling,
The 203k loan is an extension of the FHA loan. You have to live on the property for at least a year. After one year, I believe you'll pass the "seasoning period" and may transition to a conventional loan. Please talk to your lender.
Furthermore, a 203k loan requires more regulation as your contractor must be "FHA approved". As a result, you cannot use your preferred handyman or contractor if they are not FHA licensed. Second, the property conditions must meet FHA "minimum property standards". Someone from the FHA office will inspect your fixer upper and determine whether it's up to code. As a result, the process of fixing up a house under a 203k loan will involve more costs, paperwork, regulations, and time. Hope this helps!
Best,
Tommy Nguyen
@Gage Silling Just to be clear….there is no actual “fha certified contractor”…..your Lender, not fha, has to Approve your contractor, it’s a simple 2 page document/questionnaire. As long as they have a gc license, insurance and appropriate experience, it is easy to be approved.
Thanks for the added info Wayne! This is great to know. This definitely sounds like a pretty solid option if I'm able to find the right deal.
Post: 203k Loan / Refinance / Investment Property?
- Tampa, FL
- Posts 8
- Votes 3
Quote from @Eric Miller:
@Gage Silling , As you probably have seen 203k loans are a real great option to get into a fixer upper with only needing 3.5% down. There are a few caveats and differences, but it generally is a fairly straight forward FHA loan.
If you have any questions on this feel free to PM!
Good luck out there!
Thank you, Eric! I will most definitely do so!
Post: 203k Loan / Refinance / Investment Property?
- Tampa, FL
- Posts 8
- Votes 3
Quote from @Tommy Nguyen:
Quote from @Gage Silling:
Thank you, Tommy! I appreciate the insight here.
Thanks again! Definitely will make sure to evaluate all potential options.
Post: 203k Loan / Refinance / Investment Property?
- Tampa, FL
- Posts 8
- Votes 3
Quote from @Ash Hegde:
Tommy gave some good information. It's a type of FHA loan so you'll need to live there for a year, but if your timeline is a few years you shouldn't have an issue refinancing to another loan (or even keeping it and moving out - unless you want to use FHA on the next one).
Depending on the scope of the rehab, it could involve extra paperwork and steps as mentioned. Lenders will have a list of contractors, but if you have a preferred contractor let the lender know and they may be able to get the contractor approved so you can use them.
Great information, thank you!
Post: 203k Loan / Refinance / Investment Property?
- Tampa, FL
- Posts 8
- Votes 3
Thank you, Tommy! I appreciate the insight here.
Post: 203k Loan / Refinance / Investment Property?
- Tampa, FL
- Posts 8
- Votes 3
I was doing some research on different loan types for fixer uppers and came across the FHA 203k loan. I know you must live in the property to qualify, but was curious if you can refinance after a few years and then use it as an investment property?
Anyone have experience with a 203k loan or know any lenders in the Tampa/St. Pete area?
Post: New to RE Investing/Looking to buy either Multi-family or Single Family (June '24)
- Tampa, FL
- Posts 8
- Votes 3
Hey everyone, my name is Gage and I'm new to Real estate investing. I live in the Tampa area but will be looking to a buy either single family home or multi-family (house hack) in St. Pete next year. I already have a decent bit of capital saved up so looking for advice, to network, all the above! Great to be a part of this community, thanks in advance!