The housing rehabilitation program of the Department of Housing and Urban Development or HUD has resulted in what is more commonly known as 203K loans. 203K loans are an ideal way for people in low-income groups to get financing for any restoration, preservation or rehabilitation work that they may need to undertake on their properties. While there are numerous consultants available on the internet and off it for advising you on your efforts to get a 203K loan, you would still do well to be ready with certain basic things that your consultant and your loan officer would ask you for. Here is a 203K loan checklist for your convenience.
1. A permanent address i.e. a place where you have stayed for the last two years
2. Your social security number for identification purposes
3. Professional details such as the name and address of your employing firm
4. Your gross monthly salary
5. Information related to your checking and saving accounts
6. Property liens and loans that you are still in the process of repaying
7. Details of other properties or real estate owned by you in the same state and other states
8. Estimated aggregate valuation of all your personal property
9. Certificate of eligibility and related documents if you are a veteran
10. Recent check stubs and related information
11. Personal tax returns of the past two years
12. Current income statement
13. Business balance sheet if you are self employed
14. Enough money for paying for a professional assessment of your property and an updated credit report.
With the above-mentioned 203K loan checklist, you would be completely prepared for the detailed process of acquiring a 203K loan, whether you decide to approach the loan officer directly or go through a professional consultant for the whole process.
