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More2lend RETAIL HOME FHA PROGRAMS & GUIDELINES FHA PURCHASE PREQUAL FHA REFINANCE DOWN PAYMENT ASSISTANCE FHA RESOURCES

FHA Rate Updates for 7/29/2010
FHA Insured Loan ProgramRateAPR
30 Year Fixed5.000%5.497%
15 Year Fixed4.500%5.853%
5/1 ARM4.250%3.718%
3/1 ARM3.875%3.389%
APR based on 3.5% down payment on a $300,000 sale price

Attention Realtors!

Would you like your own customized FHA Homebuyer PREQUAL Center?
Click Here for more information.

FHA 203(k) Rehab Lending California

FHA Purchase Assistance Program

FHA Rehab Product Offering:

  • FHA 203(k) Rehab Financing - The
    FHA 203(k) loan is fully disbursed loan which allows a borrower to purchase or refinance a property and finance the
    cost of rehabilitation into one loan.
  • FHA 203(k) Streamline - the
    streamline program is similar to the
    203(k) full, but is limited to $35,000 in repairs. A HUD consultant is not
    required and there are no property
    inspections.
  • FHA 203(k) Purchase Loans -
    Purchase an SFR or 2 to 4 unit property with a 3.50% down payment up to $729,750 in most high cost counties in California. Higher loan limits are
    available for 2-4 unit properties.

*LTV determined by purchase price or property value determined by an FHA approved appraiser.

FHA 203(k) Rehab Financing

Section 203k loans are a key part of the FHA's efforts to rehab and repair owner occupied, one to four unit properties, including condos, "mixed use" residential and other qualified properties. This government insured financing can also accommodate the purchase of existing properties as well as refinances.

A key difference between a FHA 203k loan and most mortgage programs is the method of financing. Traditional mortgages require that a home equity line of credit or similar financing be arranged to pay for the rehab after the initial home purchase and mortgage were completed. With a 203k loan, one loan covers both the purchase and the rehab of the property by basing the mortgage on the projected value of the property. FHA allows for fixed 15 or 30 year loans as well as 1 year arms.

The 203k has two primary programs, one for "minor" repairs, a second for "major" repairs. The principle difference between the two, "major" repairs require architectural plans or structural repairs, while "minor" repairs can be completed without plans requiring review or approval. Minor repairs can total up to $35,000 in rehab costs and must be completed within six months of purchase. As with any loan program, there are a number of stipulations that need to be met. First, the property has to qualify as well as the end value of the property, including the rehab. That is why it is important to choose the right FHA approved lender. Not all FHA approved lenders service 203k loans.

FHA Purchase or 203(k) Rehab Consultation
Click Here

We look forward to working with you!

Sincerely,

Joseph M. Moore
President & Broker of Record #01164382
More2Lend Financial

 

 

M&H Partners, Inc. DBA More2Lend Financial
HUD FHA Approved Lender # 1931000001
Licensed Real Estate Broker, California Department of Real Estate #01325622
Broker of Record: Joseph M. Moore
Equal Housing Opportunity Lender
Equal Housing Opportunity Lender
09-013   
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