The FHA 203k Rehab loan in Texas is a wonderful program for buyers who don’t have the 20% down payment required for a conventional construction loan
The FHA 203k loan allows you to purchase one of these properties and roll the cost of the repairs into the loan. The loan allows you to use the “after improved value” so the construction money can be rolled in the loan then draws are made for the improvements with the end being one loan with a great low FHA rate!
A few years ago, when home values were just going up, most homeowners did not question appraisals much. It was the best of times. Over the past two and a half years, home sellers and even listing agents quite often question and pick apart appraisals. It was the worst of times. A Tale of Two [...]
Short sales, foreclosures and new construction homes all have caveats that need to be considered when pursuing financing. If the guidelines and potential pitfalls are not properly understood, you could face delays in closing or potentially even a denied loan. Short Sales & Foreclosures – Short sales and foreclosures are everywhere. They often represent great [...]
A measure to help bring stability to home values and accelerate sale of vacant properties went into effect February 1st, 2010.
This question was posted on our website recently. It is a complicated question with a very simple answer. If you want to purchase a home that needs some repairs and would like to include the repairs in your loan, the way to do it is with an FHA 203k Streamline. This loan works no matter where you are and is one of the easiest ways to get your home in tip top shape once you purchase it. The Eugene/Springfield, Lane County Oregon area has some prime properties that this is an exceptional way to advance. Here is the question:
Oregon borrowers had to be at least 30 days behind on their FHA Insurance Mortgage Loan payments to get assistance from FHA, up until now. That has changed and homeowners with FHA-insured mortgage loans who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments, according to a recent release from the U.S. Department of Housing and Urban Development (HUD).
Maryland is changing it’s FHA guidelines on April 5th 2010. and here are 3 important changes you need to know about. The new Maryland FHA upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans up from 1.75% Maryland FHA seller contributions will be cut in ½. You will be limited to a [...]
The Eugene/Springfield, Lane County Oregon real estate market could see a huge benefit from the HUD announcement Friday that the rules on flipping homes will be changing Feb. 1. . This is being done in an effort to stabilize home values and improve conditions in communities where foreclosure activity is high according to HUD Secretary Shaun Donovan. I see this as being a boon to our are in getting rid of more of the foreclosures that have been plaguing our market. Under current rules, foreclosures that were still owned by the banks that purchased them could be bought with an FHA loan but any that were purchased from the bank had to be owned for 90 days before an offer could be made on them for an FHA loan.
In this article home buyers using FHA financing will learn about some of the challenges they will face when bidding on foreclosures. The article will offer a perspective especially for first time home buyers who most often use FHA mortgage loans.
*This is not an offer to lend. 
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