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Buying a property in NJ!

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ShanetheMortgageMan
Super Contributor

Re: Buying a property in NJ!

You are welcome.  The 203k loan is all one mortgage, it's THE mortgage that you get, not a 2nd mortgage behind the 1st, etc.   The HUD consultant is the 203k consultant I mentioned in the previous post, you can click that link and enter in the search criteria to find ones near your area.  The lender does use the lesser of the purchase price + cost of improvements, or 110% of the "after improved" value from the appraiser to base things off of.

 

Total settlement costs should be around $6-7k or so, the closing cost credit you get from the seller is applied towards your closing costs at the closing table, no cash exchanges hands, and you cannot get more of a credit than your actual closing costs... so you may leave a little bit of that credit on the table, or if costs are above the $7k then you'd be responsible for the costs above $7k.

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