There are two different types of 203K Loans available to borrowers in Maryland. They are a Streamline 203K and a Full 203K. Some characteristics of a Maryland Streamline 203K are: Limits the types of repairs that can be done, but there is less documentation involved Can go up to $35,000, which must include the contingency [...]
Recently, I posted about not believing everything you read on the internet. Realistically, there is a lot of misinformation out there. Now, I have to include not believing everything you are told. I got a call from a potential client yesterday and he repeated something he was told about Taylor, Bean and Whitaker (TBW). His loan officer said that the last lender that would make FHA 203k Streamline loans had gone out of business that day.
Believe it or not, a first time home buyer is not necessarily someone that has not owned a home previously. A first-time homebuyer is any person who has not owned a home in the previous three years. So even if you have owned a home in the past but have not owned a home in the last three years you qualify as a first-time homebuyer. Just so you know, this is 36 months at closing, not 35 and a half. So you could qualify for the $8,000 tax credit if you purchase a home before December 1, 2009 and haven’t owned a home in three years.
Here are a few quick bullets that outline the guidelines for the different types Maryland 203k FHA mortgages. For more information about a Maryland FHA Mortgage, Loan Limits, or FHA guidelines, please feel free to contact me directly. Bill Sohan 410-963-2308 —————————————– FHA 203K REHAB – Maryland —————————————– This loan allows a customer to finance [...]
Let’s take a look at the foreclosed property for a minute. First of all, we have a property that has been someone’s home and was probably pretty well cared for or possibly, it was a rental and has seen better days. Either way, the owner was not able to make the payments for whatever reason and when they stopped making payments, they probably also stopped with their upkeep of the property. So, most often, you have a home that has been vacant for a few months with an absentee owner (a bank or mortgage investor) that is unwilling to put any more money into the property than they already have invested.
203K Streamline Rehabilitation loans are allowing Ocean County residents to finally take advantage of one of the best “buyer’s market” in a long time. Whether you are buying in Brick Town, Toms River or Forked River most likely some forclosures have come across your path during your search for the perfect home. If only you had the money to fix it up after you purchase it…..
That is where the FHA 203K Streamline Rehab loan will help make
In this market there is no better loan than the FHA 203K renovation loan if you are looking to spruce up your current digs (or looking to purchase that foreclosure down the street with no appliances). One loan based on after repair value at an affordable fixed rate. FHA 203K loans were built for this market. You can get up to 95% of the current value of your home and up to $35,000 in repairs ($31,500 plus 10% contingency) with the Streamline 203k refinance. You can get up to 96.5% of the purchase price plus the repairs up to $31,500 plus contingency. Sounds complicated, then call me. Let me help you with the process. *NOTE: This loan will not work for foundation repair or landscaping. Manufactured homes are OK as long as foundation and tie downs are installed prior to inspection.
If you’ve been passing up buying homes that require cosmetic repairs for lack of funds to fix them up, FHA has a program for you. Not to be confused with FHA’s much more complicated 203K program, a Streamlined 203K loan eliminates much of the paperwork and simplifies the process to obtain rehab funds. Buying a [...]
203K Streamline – Go GREEN! The world changes at a dramatic pace. From skyrocketing energy prices to a planet showing years of abuse, things are not what the used to be. As potential home buyers and current homeowners we need to be aware of the trends in home ownership so we can protect and preserve [...]
*This is not an offer to lend. 
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