FHA 203(k) financing – Eligible Properties

By
Mortgage and Lending with First Guaranty Mortgage Corporation 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
Senior Loan Officer

 

Retail

First Guaranty Mortgage Corporation®
280 Heritage Walk Suite B

Woodstock, GA 30188

NMLS #206275
770-634-4021  Cell

855-496-6722 Fax
Kathleen.sheehan@fgmc.com
fgmc.com

 

Company NMLS ID 2917

 

 

What to learn more, Google Me!

 

 

  

 

 

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

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
75,955
Greg Gillespie
Crye-Leike Realtors - Tupelo, MS
CRS TN & MS - Broker

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...

Feb 25, 2012 01:12 PM #1
Rainmaker
566,428
Kathy Sheehan
First Guaranty Mortgage Corporation 770-634-4021 - Atlanta, GA
Senior Loan Officer

Thanks Greg I appreciate the compliment.  

Feb 26, 2012 11:22 AM #2
Post a Comment
Spam prevention
Show All Comments
Rainmaker
566,428

Kathy Sheehan

Senior Loan Officer
How can I help you today?
*
*
*
*
Spam prevention