November 2011
1 post
6 tags
FHA Rehab Loans are for almost every home
Because FHA home loans are for the larger majority of properties so are FHA rehab loans like the FHA 203k or the FHA 203k streamlined. This is also called a home renovation loan. Here are some bullet points about them:
Maximum loan amount based on the HUD MSA numbers
Require FHA mortgage insurance but
Only require a maximum of 3.5%
Still have low interest rates
Allow for purchasing of a...
January 2010
1 post
2 tags
FHA has not increased down payment for ...
Buyers with a middle score of 580 or higher will not be required to pay a higher down payment. Only buyers who have a 579 or lower middle score will be required to pay a down payment minimum of 10%.
The flip side of this is very few lenders, if any, are approving applications for buyers who have a 619 or lower middle credit score.
For free information call 678-439-8683
May 2009
1 post
What is the Application Fee for an FHA 203(k)...
Many lenders charge from $500 to $2000 “application fee” to work on your FHA 203(k) streamline renovation loan. At others there is no application fee, no lock fee, no other upfront fees.
Some competitors say, “we’re not willing to take that much risk and invest that much in time and resources.” Others say, “we believe in our home owners that they are being...
April 2009
1 post
What Is The Repair Cost Limit on FHA 203(k)...
The FHA 203(k) streamline home mortgage will allow you to purchase a home and do up to $35,000 worth of rehab work. You cannot add space but you can do just about anything to the existing space. You can also add up to $8,000 in energy efficient upgrades by including the EEM/FHA guidelines.
I am an “FHA expert” and you can follow me on Twitter, Facebook or my corporate blog.
March 2009
2 posts
The $8000 First Time Home Buyer's Tax Credit and...
The answer is, “yes”.
And the question, of course, is “can I still be eligible for the $8000 first time home buyer’s tax credit if I use the FHA 203(k) streamline to buy my first home?”
The eligibility for the first time home buyer’s tax credit is based on whether or not you (or your partner if there are two borrowers) have owned a primary residence within the...
What is an FHA 203(k) Loan?
FHA 203(k) loans are designed primarily for home owners purchasing a home which needs rehab work and the loan includes certain types of rehab costs. The most common FHA rehab loan for home owners (home buyers) is the FHA 203(ks) with the “s” denoting streamline.
Unlike the FHA 203(b) streamline refinance the 203(k) requires full documentation from the applicant to prove income, assets...