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Four of the most visible single family housing programs that FHA offers are, Section 203(b), Section 234(c), Section 203(k) and Home Equity Conversion Mortgages (HECM) – Reverse Mortgages.

FHA Loan Type Highlights:

Section 203(b)

* largest of FHA’s single family programs
* 1-4 unit properties are eligible
* flexible credit requirements
* 3.5% down payment allowed
* down payment may be a gift from specific sources

Section 234(c)

* provides mortgage insurance for individual condominium units
* credit, down payment and limits of 203(b) apply
* in 2010, condominium complexes must be approved through HRAP/DELRAP to be eligible for FHA insurance

Section 203(k)

* primary program for property rehabilitation
* encourages community and neighborhood revitalization
* only 1 mortgage loan is used for both the acquisition and the renovation
* 1-4 unit properties including condominiums are eligible; check with your lender for manufactured housing eligibility
* required improvements include cost effective energy conservation standards and smoke detectors
* consultancy may be required

HECM – Reverse Mortgages

* FHA was the first to promote reverse mortgages nationally
* allows access to equity in property with flexible terms
* lump sum, monthly payments, line of credit or a combination available
* limited to homeowners 62 years of age and older

FHA programs go beyond the scope of the previously listed programs. They offer a Streamline Refinance as well as a Streamline 203(k) for limited repairs. Also, recent legislation has helped FHA offer special programs with incentives to lenders for modifying and refinancing existing mortgages like with the “Making Home Affordable Program.”

If you are looking to purchase or refinance your current mortgage an FHA loan is a great way to go. If you have questions about FHA programs feel free to contact me.

Michelle Guth
Diversified Mortgage Group
Mortgage Consultant
Direct: 208-853-7878
Michelle@dmgloans.com
ID MBL-5696 / NMLS # 36853 / 36852 / 1850
www.idahohomegroup.com

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