FHA 203K Home Improvement Loan

May 24, 2010 by Ryan Davison · Leave a Comment

In today’s economy many people are losing their job or are afraid of losing their job. As a result many home upgrades and repairs are being neglected, or a homeowner is forced out of their home through short sale or foreclosure, they trash it and take valuable items inside the home before they leave. The FHA 203K program allows you to finance the home and the cost of improvements all in one. This loan is like the regular FHA loan, it only requires 3.5% down.

Since a regular FHA loan has so many requirements and restrictions this is a great option if the home you want to purchase needs some TLC.

Below is a list of things the 203K program will allot money for.

¨ Minor Repairs: Paint, Carpet, Flooring, Appliances (Including Washers, Dryers & Refrigerators)

¨ Major Repairs: Heating, Electrical, Air Conditioning, Plumbing Systems. New Roof, New Window, Doors, Foundation.

¨ Remodels: Kitchen Remodel, Bathroom Remodel

¨ Add-On’s: Bedrooms, Bathrooms, Family Rooms, Dining Rooms, New Garage. Extra Units.

¨ Landscaping: New Fencing, Driveways, Walkways, Irrigation Systems (sprinklers), Repair of existing Swimming Pool.

¨ Certifications: Termite Clearance, Well & Septic Certifications, Roof Certifications

FHA offers little-known financing for fixer-uppers (seattletimes.nwsource.com)
A Good Way To Improve Your Home Is With Central Air Conditioning (mydecorarticles.com)

Filed under Blog · Tagged with 203k, FHA, FHA loan, Home imprivement loan, Home improvement, Mortgage

FHA Loan

January 27, 2010 by Ryan Davison · Leave a Comment

Everybody is talking about FHA loans and if you thought you couldn’t buy a home then using this loan may be an option for you.

The FHA loan program was created to help increase home ownership by making it easier and less expensive than other types of real estate mortgage home loan programs. This loan offers low down payments of 3.5% or less, FHA regulated closing costs and this is really cool, you can gift or be gifted money for the down payment and closing costs. This loan is much easier to qualify for as well with a minimum FICO score of 620. Also FHA will allow you to purchase 2 years after a bankruptcy and 3 years after a foreclosure. This loan is great if you have a high Debt to income ratio and if you are self employed.

These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.

Please keep in mind that regulations change often.