UPDATED 01/06/09 — FHA MAY BE CLARIFYING THIS RULE AND REVERSING COURSE FROM THE PREVIOUSLY ISSUED MORTGAGEE LETTER BY REQUIRING 3.5% DOWN ON FHA 203K. STAY TUNED!
That’s right, the rest of the folks looking to do a simple FHA Purchase are going to have to come out of pocket with more money than my FHA 203K Renovation clients will!
Beginning Jan. 1st, 2009 the down payment requirements for Georgia FHA Loans will increase from 3% to 3.5%. You might be thinking, big deal Jonathan. It’s only a .05% higher than it was before and I can still get that amount gifted if I need to. However, look closer, the rule changes don’t stop there. The current FHA guidelines allow you to include a portion of your closing costs and your upfront appraisal fee into the 3% requirement. The new FHA guidelines prohibit that. That .05% is looking a little bigger right?
The IS a bright side however, the new FHA rule is not applicable to certain sections on the National Housing Act.
Specialty products with higher LTVs: Section 203(k), Section 203(h) for disaster victims, and FHA’s Energy Efficient Mortgage (EEM) programs are not affected by the LTV limit. All existing policy guidance regarding the rehabilitation program under Section 203(k), including streamlined (k), mortgage insurance for disaster victims, and the EEM program remain in effect.
Yep, you read it right. Straight up FHA Purchase Loans require a higher down payment than FHA 203K Renovation Loans or Energy Efficient Mortgages (another reason to GO GREEN with FHA). Is there really any reason not to talk to our experts about a Georgia FHA 203K Renovation Loan? I’d bet that most houses on the market today could use an upgrade somewhere. New kitchen appliances? Maybe EnergyStar appliances perhaps? How about EnergyStar windows? New front door? Bathroom remodel? Upgrading that outdated kitchen? New lighting? The possibilities are almost endless. Whether you are looking for simple upgrades, energy efficient improvements or a complete bathroom overhaul, FHA 203K Loans can help!
Apply NOW For Your FHA 203K Renovation Loan
Jonathan Blackwell
404-551-3845
*This is not an offer to lend. 
Obama Refinance Plan For San Jose Homeowners AnnouncedHome Affordable Refinance Program Update Harp 2 Bay Area San Francisco California March 2012 Guidelines for Purchasing a 3 to 4 Unit Property with FHA Financing in Alameda, CA8 Year Fixed to 30 Year Fixed. You Can Choose Your Loan Term In San Jose
