What is a FHA 203 (K) Loan?

WHAT IS A FHA 203(K) LOAN?

Are you looking at or have you found a home that is a “fixer upper”… you know a home that you really like but it needs work?  But now you are thinking you just don't have the money for the down payment and the money to make the repairs? Well, the FHA 203(k) loan might just be the right loan for you. This program will allow you, the borrower to include the repair and improvement costs into the loan amount on either a purchase or refinance with a one time closing. The funds for the repairs and improvements are held in an escrow account, and are released when the work is completed. The mortgage amount is based on the projected value of the completed project. FHA has made this loan easier and faster to close than ever before.

Now you know that you have options when you find the perfect home that needs repair.

And as always, if you or someone you know is considering a move, I can help you find the home you are looking for…it’s what I do!

Here are The Advantages of a FHA 203(k) Loan …

It can be for Purchase or Refinance

Standard FHA Down payment

Finance up to 6 months mortgage payments

Special HUD down payment programs

An FHA assumable mortgage

One-to-Four Family Dwellings

Repair and improvement work is completed after your loan closes

Eunice Waller 

Prudential Simpson & Associates

540-842-1061 direct

http://www.fredericksburghomesource.com/

"NO ONE Knows Real Estate Better ~ "Helping Families Since 1984!"

11/29/2010

FHA is Changing

FHA is Changing

If you or someone you know is considering a FHA loan, here is a rundown of what is changing in April.

1. Increased mortgage insurance, aka private mortgage insurance which is paid over the life of the loan, will increase from 1.75% to 2.25%.
2. Homebuyers who have a credit score of at least 580 may still be able to purchase a home with 3.5% down, but those with credit scores less than 580 will be required to put down at least 10%.
3. Reduced seller concessions from 6% to 3%. Basically what this means is the person selling the home will now only be able to offer the homebuyers 3% to help defray closings cost.

The bottom line is that the changes will impact some homebuyers more than others.

And as usual, if you or someone you know is considering a move, I can help. It's what I do!

NO ONE Knows Real Estate Better ~ "Helping Families Since 1984!"

Eunice Waller
Prudential Simpson & Associates


http://www.fredericksburghomesource.com/
http://eunicewaller.blogspot.com/
http://www.trulia.com/blog/eunice_waller
http://activerain.com/blogs/therightagent

FHA Announces Policy Changes

FHA Announces Policy Changes

FHA Announces Policy Changes to Address Risk and Strengthen Finances | RISMedia

HUD Suspends FHA "Anti-Flip" Rule