The 203k loan program has gone out of this world. This time FHA has really stepped up to the plate. Every real estate professional should check the loan limits in your county or the counties you work in. In high cost areas you are back in the business with Jumbo loans that have rehab attached to them... if there is no rehab then FHA may still be your answer with the 203b. With loan limits in excess of $729,000 in "HIGH COST" areas and dramatic increases in all areas of the USA, this is the "Hottest Loan Product on the Market". FHA loans are easier to get, allow qualifying faster after a bankruptcy or foreclosure than conventional loans, and have higher loan limits in many cases than the conventional loans that may have dominated the market over the past few years.
If you have a specific issue with a project you are putting together talk it out. We have had deals that were expected to fall apart when a client charged Christmas presents just before closing a loan and it threw their ratios out of wack... we were able to use the EEM (Energy Efficient Mortgage) features of the 203k to bring it back in line for closing on schedule. Please don't let a deal fall apart without giving us the opportunity to offer some suggestions that may keep that commission in your pocket. We're on your side.
Give us a call or call our newest teammate in Cottonwood - 877.207.6565 - Tom Glenn
Who can close your loan fast.. Tim Floyd of Prospect Mortgage
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