With a Maryland 203k Loan new homeowners can purchase that handyman special: 1. Locate & put a contract on the property 2. Determine the value w/ a home appraisal 3. Have the 203K loan underwritten using FHA guidelines. 4. At closing the seller is paid off. Depending on 203K type, you can either get [...]
Mold has become an ever present nuisance in vacant homes. Due to the expected rise in bank-owned or foreclosed properties, it is essential that everyone involved in a 203K transaction understands the need for an expert. Mold is difficult to completely remove and it’s removal should only be left to the experts. Not only will most investor’s require [...]
203K home loans in Maryland are not as complicated as one might think. They can provide many advantages for the home buyer as shown below: There are home buyers who… Are interested in purchasing a property that needs repairs Are existing homeowners who need funds to rehabilitate their property Want to save time and money by financing the [...]
Academy Mortgage Corporation presents a FHA 203K Seminar on November 3, 2011 from 8:30am to 11:30am. The seminar will be held at the Greater Baltimore Board of Realtors: 1306 Bellona Ave; Lutherville, MD 21093. Mike Wilcox, Academy National Renovation Sales Manager, will be speaking about “the myths and truths of the 203K loan and how [...]
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 bill.sohan@academy.cc www.yourbaltimorelender.com —————————————– FHA 203K REHAB – Maryland —————————————– This loan allows a [...]
An FHA 203k loan is an awesome program if you are planning to purchase a Maryland foreclosure that needs a some rehab work. Even though there are some great deals on Maryland foreclosures, many people are hesitant to explore that option due to the amount of repairs and initial investment involved with purchasing a bank [...]
Loan limits are most likely changing as of October 1, 2011. Unless congress acts before then, the maximum amounts for high balance loans will be reduced per the attached schedule for the counties in Maryland. This is effective for both Conventional and FHA loans. There is also a possibility that the conforming limit of 417,000 [...]
Why does everyone say that 203K loans never close? While it is true that 203K loans take longer and require a bit more work, they can and do close every day in Maryland. It is essential that all parties involved understand the 203K process and have experience working with this product. Your agent should advise [...]
It is becoming quite likely that we will see changes to the maximum loan limits in Maryland, effective September 30th. Unless congress acts before then, the maximum amounts for high balance loans will be reduced per the attached schedule for the counties in Maryland. This is effective for both Conventional and FHA loans. There is [...]
Academy Mortgage and Lowe’s are coming together to create a partnership in Maryland. This effort is called REbuild USA. This program will help many of you across Maryland bring your homeownership dream to life as well. We all know that Maryland was recently hit by a perfect storm of negative conditions that created economic challenges not [...]
*This is not an offer to lend. 
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