FHA 203k Mortgage, FHA 203K home loan

admin — Sat, 28 Nov 2009 12:27:00 +0000

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!

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

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FHA 203k Mortgage, FHA 203K home loan

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