Real estate blog entries tagged with streamline by Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant (Guild Mortgage Co

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streamline: FHA Facts - Mixed use commercial - 07/02/08 08:57 AM

FHA Facts:
Did you know?
A 203(k) mortgage may be originated on a "mixed use" property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; and (2) the commercial use will not affect the health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property. … (4 comments)

streamline: FHA 203k Streamline - 06/30/08 05:59 AM

FHA offers a Streamline 203k program that allows a homebuyer/owner to finance up to $35,000 of home repairs in the purchase or refinance of a home. This is an excellent program because it doesn't have the same review requirements of a complete rehab loan. I would be surprised if you could make the necessary repairs to this home with $35,000. Would probably take a few hundred more.
Following is the "Mortgagee Letter" from HUD.
Call me for explanations.
MORTGAGEE LETTER 2005-50
December 29, 2005
TO: ALL APPROVED MORTGAGEES
ALL APPROVED APPRAISERS

SUBJECT: Enhancements to "Streamlined (k)" Limited Repair Program
Mortgagee Letter 2005-19 (ML 05-19) announced the Streamlined (k) … (34 comments)

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