Category Archives: REAL ESTATE NEWS

New Front for FHA Loans – 203k streamline up to $35,000 financed


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 There are lots of reasons to ask your lender for an FHA loan instead of taking a conventional or an expensive and risky sub-prime mortgage loan. Why not take advantage of the many benefits and protections that only come with FHA:

Easier to Qualify – Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.

Less than Perfect Credit – Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.

Low Down-payment We have a low 3% downpayment, and that money can come from a family member, employer or charitable organization. Other loans don’t allow this.

Costs Less – Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.

Help You Keep Your HomeThe FHA has been around since 1934 and will continue to be here to protect you when the others walk away. Should you encounter hard-times after buying your home, FHA has many options to help keep you in your home and avoid foreclosure.

There is more to buying your home then the monthly house payment. Why not ask for an FHA loan that will help you buy your house and keep it too? Tell your AGENT you want an FHA loan for all the reasons above- FHA is a wise choice.

FHA STREAMLINE 203k Loan.

 

Streamlined 203(k)
Limited Repair Program

 Information by State
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FHA’s Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

Any FHA-approved lender may originate a Streamlined 203(k) mortgage. Find out more about the Streamlined 203(k) program by reading HUD Mortgagee Letter 2005-50, enhancements to “Streamlined (K)” Limited Repair Program.

More Information

  Rehab a Home with HUD’s 203(k) Rehab Program
   Approved 203(k) Consultants Search
   Funds for Handyman-Specials and Fixer-Uppers
   Internet Links about 203(k)
   203(k) Mortgagee Letters
   203(k) FAQs
   S/F Lenders Homepage
  HUD Form 92700 203(k) Maximum Mortgage Worksheet(2/06)

                   http://www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm                                             

  

For more information please contact:

Renee Baccaro Realtor® Century 21 Jervis & Associates

800 N. Harbor Blvd. La Habra, CA 90631

(562) 972-9886