FHA 203(k) financing – Eligible Properties

By
Real Estate Mortgage Broker with Movement Mortgage 770-634-4021 NMLS #206275

FHA 203(k),first time home buyer, mortgageOne of the most underutilized financing programs available is the FHA 203(k) program for home buyers that want to buy homes in less than perfect condition. 

The FHA financing programs have allowed many first-time homebuyers over the last two years to achieve their dream of homeownership with its minimal down payment of 3.5% and low interest rates. 

The FHA 203(k) financing program will include the cost of the repairs into the mortgage financing. The down payment will be calculated based on the acquisition costs plus the cost of the repairs.

To qualify for this program the property must be eligible. Some of these requirements include:

·        1 to 4 family residence

·        completed value must be sufficient to support the purchase and complete the rehabilitation cost

·        the property must be 100% complete and at least one year old - partially built homes and unfinished new construction are not eligible

·        the FHA appraisal needs to identify and "as is" value and also "subject to improvements" value.

 

For more information, please give me a call.

Please subscribe to my blog so you receive the next in this series.

Posted by

 

If you found this blog valuable, please subscribe by clicking the button to the right.  If you are ready to talk about a mortgage, please click HERE to apply now.

 

Signature 

 

Kathleen Sheehan

Sr. Mortgage Consultant

NMLS #206275
Georgia Residential Mortgage Licensee #25839

1725 Windward Concourse Parkway

Suite 320

Alpharetta, GA  30005

 

770.634.4021 cell

 

 

What to learn more, Google Me!

 

Like what you saw, please SUBSCRIBE to my blog!

 

  

 

Women's Council of Realtors Secretary

 

 

 

 

 

 

The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cloud to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
Mortgage / Finance
Location:
Georgia
Groups:
All About Mortgages/Mortgage Networking
Atlanta Homes For Sale
Dedicated Bloggers
MetroAtlantaRealEstateProfessionals
BananaTude
Tags:
first time home buyer
mortgage
financing
rehab
203k
fha

Comments 2 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the computer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
75,620
Greg Gillespie
CRS TN & MS - Broker
Crye-Leike Realtors

Another Great Post Kathy....

You need to come to TN.  There only a couple in the whole state, at least 2 hours away from where my practice is...

February 25, 2012 01:12 PM
Rainmaker
563,794
Kathy Sheehan
Movement Mortgage 770-634-4021

Thanks Greg I appreciate the compliment.  

February 26, 2012 11:22 AM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cat to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
563,794

Kathy Sheehan

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the woman to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: