cool blog you mortgage folks have more programs. I do not know how you keep up with them all

Jeff,

Greta Info on another Great Product!! :0)

Thanks,

Tom Weiss

For 110%....FHA is the best way to go!

:-)

Charlie....  for the most part, when I started in 1992, by 1994, I already was introduced to so many of these products. One reason why I feel like I know so many of them inside and out. It is true in what they say though, experience can go a long way.

Tom W. ...... Thanks for stopping by and for the compliment.

Kris......   yes, FHA is a great way to go. One thing that I didn't mention was that you can do this type of program on the conventional side. But it requires a little more money down. FHA is just a lot less money out of pocket. 

Jeff,

I just took this class, and want to share with eveyone, that I think this program is going to be one of the best products in this market.  You explained it perfectly.  Great informative post.

I never understood why someone, especially the people buying REO's here in my market, would not want to use this loan. I thinks it's great. Are the any pitfalls that I should be aware of?

Gary.....   Glad that my explanation was something like your class.

Karen..... the only negative thing about the 203-k and the rehab conventional program is that you don't get the normal rates.  They to to be about 1/2% to 3/4% higher in rates. Other than that, it's a great program to adding to your house or fixing it up, outside of a home equity loan. 

Jeff,

Another good post with solid good ideas! Thanks,   Fran

Could be a great tool for those wanting to stay pat, or buy a foreclosure and fix it up...good information and delivery as usual.

Jeff, great information. But, I would expect no less from you. I had not heard of this FHA loan. Sounds like an excellent product.

Jeff, Great Tip on FHA. I really don't get a big call for FHA Loans so it is nice to learn on these type of tips.

Jeff, I blogged about this a little while back, and I completely agree with you that it is a wonderful program that FHA offers!!  It has helped several of my clients obtain their dream home, and also helped them avoid other potentially harmful scenarios as well (foundation, etc).  What people should also know is that these Rehab loans (203k's) are not just limited to FHA; they are also available as either Construction loans or One-Time-Close loans as well for higher-than-loan-limit properties.

Again, great job with the awareness, as always!  I look forward to more of your posts in the future!

I might just do that with renovation homes...is that ok to do, Jeff...can an investor do this too?

Great information to know.... I can get my client to look into this option.... Thanks again Jeff...

Jeff, I did know about these types of loans.  I haven't had any clients use or need this type of loan.  But now that the market has changed, it just might be more appropriate for some of my buyers.  Thanks for the reminder.  Does this type of loan also apply for foundation repair?

Jeff - Can this program be used for Multi-Units (owner occupied or non-owner occupied)?

Thanks.