The Home Buyer's Korner

Information presented should be used for educational purposes only.

September 2nd, 2014

Guy looking up in color

GREATER BAY SAINT LOUIS~SOUTHWEST MISSISSIPPI

The Home Buyer’s Korner

Google+ RE Community

Google+ Mortgage Lender Community

Google+ General Contractor Communities

FHA 203K Eligibility

Google+LendersYou may know of the standard FHA loans, but FHA 203K loans give you more flexibility when it comes to purchasing a home and incomplete repairs or doing a remodel after you closing on our home loan. The FHA 203K includes your principal amount to purchase the home and renovation, repairs or any remodeling expenses into one low-interest rate monthly payment. I like using a “Five Bucks per Thousand” rule when explaining an FHA 203K.  With interest rates so low, today’s home buyer can basically complete their renovations or remodeling for about five dollars per $1000 when wrapping their home improvements into their FHA 203K mortgage. If you’ve gotten a credit card statement with a similar balance and seen your minimum payment, you know it’s a lot more than five bucks a month.  

Home buyers have two renovation FHA insured loan programs to select from. The FHA 203K Streamline or Traditional.  The Streamline allows up to $35,000 and can be borrowed for renovations, improvement or repairs not involving any structural modification and any property that’s deemed in need of any health and safety issues.

These loans are ideal if you’re looking to update a kitchen or remodel a bathroom and hundreds of other issues our aging homes need to get them back in top notch condition. Generally your project needs to be completed with 30 days of closing, and you can’t purchase any materials before closing, otherwise you will not be reimbursed. 

Some of our FHA servicing lenders may allow for a draw up to 50% at closing to begin your repair and some disburse after a final inspection, so it’s important the terms work with your general contractor or vendors.

The other renovation program is the FHA 203K Traditional.

The FHA 203K Traditional allows for major repairs or additions and allows for:

  1. Up to six month to complete a major renovation;
  2. FHA approve loans that will reflect up to 110 percent Loan-To-Value, based on after improved value;
  3. Allows for up to six month of principal and interest payments to be included in your mortgage, so you aren’t forced to make two house payments while your home is being remodeled;
  4. You can even move an existing home to a new site, but you’ll be responsible for the moving cost as FHA loans can’t offer term until a property is permanently affixed to the property.

It’s easy to find the wrong house in the right neighborhood and with a renovation home loan it makes it possible to turn it into the right house in the right neighborhood. 

Eligible Property

  1. One to four-unit home completed for at least a year
  2. All newly constructed units must be attached to existing dwelling
  3. Demolished homes still remaining on existing foundation
  4. Converting a one unit dwelling into a two, three or four unit home or vice versa.

VISIT OUR SOUTHWEST MISSISSIPPI “HOMES FOR SALE” BOARDS

Livingston Homes for Sale

FIND HOMES THROUGHOUT SOUTHWEST MISSISSIPPI

HUD $100 DOWN PAYMENT HOMES IN MISSISSIPPI

USDA RURAL DEVELOPMENT HOMES IN MISSISSIPPI

FIND FORECLOSURES IN BAY SAINT LOUIS AND SOUTHWEST MISSISSIPPI

FIND MORE FORECLOSURES IN BAY SAINT LOUIS AND SOUTHWEST MISSISSIPPI

VISIT OUR SOUTHWEST MISSISSIPPI “HOMES FOR SALE” BOARDS

Livingston Homes for Sale

FIND HOMES THROUGHOUT SOUTHWEST MISSISSIPPI

HUD $100 DOWN PAYMENT HOMES IN MISSISSIPPI

USDA RURAL DEVELOPMENT HOMES IN MISSISSIPPI

FIND FORECLOSURES IN BAY SAINT LOUIS AND SOUTHWEST MISSISSIPPI

FIND MORE FORECLOSURES IN BAY SAINT LOUIS AND SOUTHWEST MISSISSIPPI

MISSISSIPPI HOME OWNERSHIP TOOLS

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

To print this document click on “Open in New Window” located at the lower right corner;

click on “File”; then click on “Print”. In the center of the screen you will

have the option to “Create A Printable PDF of the Presentation”.

START YOUR PATH TO HOME OWNERSHIP TODAY

FNMA HomeStyle FNMA My Community Mortgage FHA One-Time Close Construction Portfolio or VA home loan Homes for Sale REO Short Sales FNMA HomePath Properties HUD Homes USDA Homes Condominiums Co-OpsTownhomes Manufactured Homes Modular Homes Mobile Homes Log Homes Second Homes Investment Property 2-4 Family Custom Home Builders Custom Built Homes General Contractors Home Improvement Experts Kitchen & Bathroom Renovations Real Estate Brokers & Agents Mortgage Lenders Federal Credit Unions Community Bankers Hancock County Bay Saint Louis Admiral Isles Estates Avenue Estates Bay Cove Condominiums Bay Woods Estates Bayland and Improvement Estates Bayou Lacroix Estates Bayou Philip Estates Bayside Park Estates Beach Front Estates Beyer Drive Estates Blue Meadow Estates Brentwood Estates Bay Saint Louis Land and Improvement Estates Carroll Estates Cedar Ridge Estates Chapel Hill Estates Chateau St. Louis Estates Clermont Harbor Estates First Ward Estates Fourth Ward Estates Garden Isles Estates Gulfview Estates Hancock Heights Estates Harbor Estates Highland Estates Hillcrest Estates Jourdan River Estates Jourdan River Isle Estates Lambert Estates Laurie Park Estates Lazy River Estates Leonard`s Estates Melvin Ott Estates Milieu Village Estates Morgan Park Estates Old Bay Lane Estates Our Lady The Gulf Estates Pecan Park Estates  Perkins Estates Ramoneda Estates Riverview Estates Riverwood Estates Royal Estates Second Ward Estates Shady Acres Estates Shieldsboro Estates Shoreline Estates Shoreline Estates Shoreline Park Estates Spanish Acres Estates Springwood Park Estates The Oaks Estates Third Ward Estates Toulme Estates Woods Estates Waveland Albas Estates Anchorage Estates Bayland and Improvement Estates Bayou Lacroix Estates Bayou Philip Estates Bayside Park Estates Beach Vista Estates Bay Saint Louis Land and Improvement Estates Bunny Park Estates Cambridge Square Estates Choctaw Oaks Estates Cline Estates Eichorn Estates First Ward Estates Forest Garden Estates Fourth Ward Estates Green Acres Estates Gulf Gardens Estates Gulfside Sites Estates Harbor Estates Heritage Estates Highland Park Estates Highlands Estates Holiday Hill Estates Idlewood Estates Jeff Davis Place Estates Lafitte Estates Estates Lakeside Estates Lakewood Estates Lena Combel Estates Pine Forrest Estates Pine Ridge Estates Pine Ridge Park Estates Pine Village Estates Roberts Estates Shoreline Estates Shoreline Park Estates Spanish Cove Estates Tannerette Estates Third Ward Estates Ulman Estates Von Drowskys Estates Von Drowskys Estates Phase 2 Von Drozkowskys Estates Water Edge Estates Water’s Edge Estates Waveland Beach Estates Waveland Gateway Estates Waveland Highlands Estates Waveland Park Estates Waveland Terrace Estates Diamondhead Lamar County Purvis Sumrall Marion County Columbia Pearl River Lumberton Picayune Country Acres Estates Heritage Oaks Estates West Side Poplarville Pike County Magnolia McComb Osyka Summit Walthall County Tylertown

Join us at Real Estate Social

Comments are closed.