How do you add 203k and Energy Efficient Mortgages to your Arsenal?

 First what are the 203k and Energy Efficient Mortgage (EEM) products?

 The 203k products are the 203K and the 203K streamline. The major difference is the renovations complexity and the dollar value. Projects that are under $35 K and are not complicated engage the soft FHA203K Streamline product for renovations. The regular 203K projects are usually north of $35K and require permits and plans.

 Standard financing for a purchase and renovation project would normally require a purchase loan, plus a bridge or construction loan and then these would eventually be rolled into a permanent loan. This is a lengthy and costly way to buy a first time or move up property and is very hard on those involved. The 203Ks are all three loans in one… simple, and easy.

 Savvy Realtors and Buyers are leveraging these 203K products on today’s housing inventories to get exceptional value with their purchasing dollars. Not coming out of pocket for fix-up dollars after the purchase and having a ready to go home really has pushed the rehabilitation loans to the forefront of the buyer’s number-one test for housing choices.

The attraction that the EEM products are generating is the ability to take a good buying decision and create a great buying decision. The EEM products are added to the mortgage to up-grade and up-date the energy consuming measures in the home. The energy codes are now rating homes, new and old, with a MPG (miles per gallon) type rating. These ratings help determine the cost to operate the home. The feeling is that with energy prices going up, it will be important to homeowners and buyers not to have an energy sucking lemon on their hands that carries a high cost to operate. The EEM will up grade energy features that will offset the cost to install and operate, thus consuming less monthly dollars, providing more comfort and a more appealing resell home. Good to Great!

 The EEM products do not require additional qualifying or down payment. Anyone who qualifies for an FHA loan automatically qualifies for the EEM.

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About the Author:
Richard Booher is a California based Renovation Program Specialists. Certified HERS Rater,  FHA 203K Consultant, Contractor, and AB 811 industry resource.
Contact Richard at; rich@energyoptionsca.com 
 
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To comprehend exactly what a FHA 203K Mortgage is we should for starters have an understanding of exactly what a FHA mortgage loan is.

The FHA provides federal government assured mortgages to home purchasers that provides the lenders the assurance to loan money to individuals they might not typically grant a home loan to.

It’s not to imply that you will be borrowing funds coming from the federal government neither is it to say that by applying for a FHA mortgage loan you might routinely be accepted.  

However it is to say that you will be more probably to be accepted for a FHA mortgage loan than the usual conventional mortgage when you have average or substandard credit rating, such as a bankruptcy, as well as lower than 20% for a down payment.  Presently the down payment requirement is 3.5% and that is significantly lower than conventional mortgages.

One of the best deals currently offered by FHA and HUD is the HUD $100 Down Payment Incentive Program.  You can buy a HUD foreclosed home with only $100 down payment and if you want to you can still use the FHA 203K Mortgage to rehab it if needed.

Now that we can comprehend the fundamentals of the FHA mortgage loan, it is time to introduce the fact, besides what the regular FHA loan provides, that there are numerous additional FHA home loan programs which home purchasers may decide to take benefit.

These includes the traditional 30 year fixed rate mortgage loan, traditional 15 and 20 year mortgage loans and even many types of adjustable rate mortgages also.  You may also get qualified for refinancing or taking out the home equity by way of a home equity loan through FHA programs also.

It appears, although, that probably the most favorite FHA home loan programs that exist is a FHA 203k Mortgage. These loans have the common features of standard FHA mortgages such as versatile credit, assumable mortgages, as well as lower down payment to name some.  Yet, they will go one step more by making it simple to rehabilitate a home all in a single loan grouped together.

Having an FHA 203K Mortgage may help individuals who have to renovate their present homes by acquiring financing to do.   Also, home buyers may use these mortgages to buy and rehabilitate a pre-existing house in another place.

This could help everybody involved from the neighborhood by making surrounding places better for all the people of the community, to the property owners themselves by permitting people to buy what might be their own dream house, and as well as offering the money for making your dream home possible.

All of this, plus under one mortgage package deal, in the current unpredictable real estate marketplace, taking benefit of FHA programs is certainly the strategy to use!

Considering the glut of foreclosures in the marketplace which includes HUD homes for sale that a number of them needs repairs, the FHA 203K Mortgage could be the solution to acquiring or rehab your own dream home at a discount cost!

Click HUD $100 Down Payment for more information! Learn more about buying HUD Homes For Sale click FHA 203K Mortgage.
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FHA 203k REHAB Loans

With an FHA 203k loan can I remodel or improve ? 

Yes, Any or all of the following:

• Paint
• Repair a kitchen
• Add a deck or patio
• Insulate for greater energy efficiency
• Replace flooring ie tile, carpet, etc
• Add a bathroom, replace a bathroom
• Finish a basement
• Replace windows (for which you can get a nice energy credits well)
• Replace Appliances ie stove, furnace, water heater…energy credit 
• Add central air (again energy credit here)
• And Much More

For the Florida home buyer the FHA 203K mortgage program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

• Down payment less than 3% of Sales Price Gifts are allowed
• Seller can credit up to 6% of sales price towards closing and prepaid costs.
• 100% Financing available
• No reserves required.
• FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

•  
  • No minimum FICO score or credit score requirements.
  • FHA will allow a home purchase 1 year after a Bankruptcy.
  • FHA will allow a home purchase2 years after a Foreclosure.

APPLY NOW AT    http://www.fhamortgagefhaloan.com/

 What Can’t you do with an FHA203k mortgage loan?

• Put in a pool or an ice skating rink
• Add a Theater Room and all the equipment (you could get away with the room)
• Any other Luxury item, like gold plating the baseboards
• Putting in a yard

So what do I have to do to get one of these FHA 203k loans?

There are hoops to jump through to qualify .

• Owner/occupants only…no flipping or investors (and no you don’t have to be a 1st time homebuyer to qualify)
• The house must have been completed for at least 1 year , no new construction houses, sorry
• You will need to have 2 appraisals (one for the as-is value now and one for the projected value once the work is completed)
• You must identify the repairs and work to be done, and have a written estimate of materials and labor by a licensed contractor and an interior plan of the home.
• Repairs and addition must have the proper permits, inspections and be done to code
• And most of all…..you must be able to qualify for the finished product (cost of house + rehab money), so you can’t buy that million dollar fixer upper guys, sorry…..well unless you can afford that million dollar home.
• You must still have your 3.5% percent down payment for the entire purchase price (home + rehab money) 

Do you have the vision to make the ugly duckling into a swan, then the FHA 203k loan is just what you are looking for. 

Don’t forget if you are a first time homebuyer, you can have the $8000 tax credit working for you too!

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Article Source:http://www.articlesbase.com/mortgage-articles/fha-203k-mortgage-fha-203k-home-loan-1515747.html

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