REAL-WORLD EXAMPLE OF HOW A 203K LOAN WORKS 

That’s why we are here to do just that

Earn Your Leisure Brothas! I definitely appreciate it!

A conventional loan needs 3 to 5% down and you can ask for 3% closing help unless you put down 10% or more then you can ask for up to 6% closing help. FHA is 3 1/2% down and you can ask for up to 6% closing help, USDA is no money down and you can ask for up to 6% closing help. USDA has to be within the area that is outside of city and you can check on their website at USDA.gov and they do have some restrictions on how much money you make. The best thing to do is to reach out to your mortgage broker and find out which programs you qualify for. I work with the national lender that I can recommend, Safiyah Basir, New American Funding (718) 772-4484. If you mention my name she will give you $1000 credit at closing.

I just got approved for 203k loan... in the monthly pay I am showing 4.375% interest rate and 5.565% on a “APR” is this typical on these loans?

@@isidoramartinez6510 4.3% that’s ridiculous. Was that the final percent? They couldn’t do better?

You so right. It's like they think by not telling you they are gonna miss out on a deal or something.

What contractors did you go for in looking at doing a BRRR outside of Boston.

There are two 203k loan types stream line with the 30k max and the normal for up to 500k I believe

Can a person making 50k annually do this?

@@CrezBroSteph Yes

Yeah I think they meant 1031, a 1035 is actually for life insurance policies.

Hi Tasia, I am considering doing the same with a multi unit. How was your experience?

@@nataleedejohnette548 it’s going super slow. I’ve noticed most lenders in my area are really against it have been trying to convince me otherwise. Thats most of the battle.

@@tasiamrios4219 I know a few people using it with multi-units in Chicago. But they’re using the 203k Streamline loan so that the process moves faster. This is better for properties that need simple cosmetic upgrades.

@@nataleedejohnette548 thanks girl that was my second option just funding a multi-unit that doesnt need much work

I was quoted 3.8% damn. But I had a costly house almost $100,000. I figure having a lower house price to start would be better. I think I’m gonna try to find a lower priced house. The interest rates are terrible.

Yeap

Sneed Show huge congrats! if you don’t mind me asking where are those type of deals located on Zillow and Redfin or other real estate sites? Thank you!

Benjamin Williams The good deals will not be on Zillow or Redfin. Honestly. The real investors are in the streets driving for dollars...