203k: REBuildUSA Partners With Lowe's for FHA 203K Renovation Mortgages - 01/25/12 12:11 PM
REBuildUSA has partnered with Lowe's Home Improvement Stores to assit home buyers and home owners.  An FHA 203K loan allows you to purchase or refinance and renovate a home in one easy loan. Your loan is based on the after-improved value – what the house will be worth once the renovations are complete.
 
 
 
There are no costs to you to enjoy the convenience and time saving benefits of REbuildUSA™. As your 203K Renovation Lending Specialist, I will help you understand all the features of the loanI look forward to answering your questions about the loan program and guiding … (1 comments)

203k: Bank of America to Exit Retail Mortgage Lending in Six States - 10/07/11 05:33 AM
Yesterday, Bank of America, the 3rd largest retail mortgage lender in the country, announced its decision to exit retail mortgage lending in six states.  Citing low mortgage volume, Bank of America will exit retail mortgage lending in the six states of Alabama, Alaska, Montana, Nebraska, Wisconsin, and Wyoming.
National Mortgage News confirmed the announcement with a Bank of America representative.  The bank said that it will continue to serve customers in those six states with its online and telesales divisions.   
Bank of America's retail exit comes only days after the company announced that it will soon close its correspondent mortgage lending division.  The company ranks as the 2nd … (11 comments)

203k: FHA 203(k) Maximum Loan Amount - 08/30/11 02:33 PM
The FHA 203(k) maximum loan amount is the lesser of:
Purchase price (or “as is” value for refinances) plus rehabilitation costs OR
110% of “After Improved” valueTIMES The LTV factor (96.5% for a purchase) or less the allowable down payment ($100) for a HUD REO Property NOT TO EXCEED
Maximum county loan limit for the local area  
 
… (0 comments)

203k: Can I Finance Mortgage Payments Into My FHA 203K Mortgage? - 03/10/11 01:46 PM
The answer to this question is yes.   With a Consultant FHA 203K Renovation mortgage, HUD allows for up to 6 months of PITI to be financed into your new FHA 203K mortgage.  This allows borrowers the ability to more easily maintain two homes for a brief period of time. 
The maximum number of months depends on how long the HUD Consultant indicates that the property will be uninhabitable due to the renovations.  This means that the number will vary between 1-6 months depending upon the complexity of the project.
For minor to light renovations, you might expect 1-2 months to be escrowed.  If the … (2 comments)

203k: Does Your Alabama 203K Lender Have an In-house Draw Department???? - 03/05/11 01:08 PM
Does your 203K lender have an in-house Draw Department????
This is one very important question that most Alabama buyers and real estate agents fail to ask when comparing mortgage companies that offer FHA 203K Renovation mortgage program.  There are many mortgage companies who do "offer" FHA 203K mortgages.  Most often, they only offer the Streamline version of the program.  Very few also offer the Consultant version of the program.  Surprisingly, even less of them actually have an in-house draw department.  In fact, there are only a handful of 203K lenders with an in-house draw department.
Why is this important, you might ask????
It is very … (0 comments)

203k: Can I Close on an FHA Mortgage If the Utilities Are Off? - 03/05/11 12:59 PM
 Can I close on an FHA Mortgage if the utilities are off?
The typical answer is no.  All traditional FHA mortgages require that all utilities must be on at the time of the appraisal inspection.  It is also required that all related systems are functioning properly at the visit.
However, the FHA 203K Renovation mortgage does not require that utilities be on for the appraisal to be acceptable.  With many foreclosed properties, all utilities may not be able to be turned on.  This is often due to missing/stolen wiring, copper pipes, HVAC unit.  When the utilities are off, the normal 10% Contingency Fee … (2 comments)

203k: Does Your Georgia 203K Lender Have an In-house Draw Department???? - 03/05/11 12:16 PM
Does your 203K lender have an in-house Draw Department????
This is one very important question that most Georgia buyers and real estate agents fail to ask when comparing mortgage companies that offer FHA 203K Renovation mortgage program.  There are many mortgage companies who do "offer" FHA 203K mortgages.  Most often, they only offer the Streamline version of the program.  Very few also offer the Consultant version of the program.  Surprisingly, even less of them actually have an in-house draw department.  In fact, there are only a handful of 203K lenders with an in-house draw department.
Why is this important, you might ask????
It is … (0 comments)

203k: Can I Use an FHA 203K Streamline for a Health or Safety Issue? - 02/27/11 03:53 AM
The correct answer to this question would be that "it depends". 
In some instances, an FHA 203K Renovation mortgage can be used to satisfy health or safety issues.  The FHA 203K Streamline loan allows for an initial disbursement of 50% of the repair costs.  As long as this initial 50% disbursement is sufficient to complete the health or safety the issues, then an FHA 203K Streamline can be used.  If 50% will not be sufficient, then an FHA 203K Consultant mortgage will be needed.
 
 
 
… (9 comments)

203k: Prospect Mortgage - #2 Volume FHA 203K Renovation Lender for 2010 - 02/27/11 03:14 AM
The US Department of Housing and Development has released its FHA 203K Endorsement Report.  It is for the Fiscal Year ending September 30, 2010.  In the period of October 1, 2009 - September 30, 2010, HUD ranks Prospect Mortgage as the #2 volume FHA 203K lender in the country.  For the 2010 Fiscal Year, Prospect Mortgage closed 928 FHA 203K Renovation mortgages.  A total of 22,491 FHA 203K loans were endorsed by HUD in the 2010 Fiscal Year by all mortgage companies.
The most shocking data comes from the number of companies that closed less than 5 of these loans.  In Atlanta … (7 comments)

203k: When Can I Get My Draw on My FHA 203K Consultant Mortgage? - 02/13/11 03:22 PM
When can I get my draw funds disbursed on my FHA 203K Consultant mortgage?  This is one very critical question that most borrowers fail to think about and ask upfront. 
When doing an FHA 203K Consultant Renovation mortgage, one very important aspect that many fail to consider is the draw process.  Once you have closed on your FHA 203K mortgage, your draw funds will need to be disbursed so that your contractor can be paid.  The Consultant 203K program does not allow for any of the renovation costs to be paid out up front prior to the work being completed. 
How the mortgage company handles that … (7 comments)

203k: When Can I Get My Draw on My FHA 203K Streamline Mortgage? - 02/13/11 03:05 PM
When can I get my draw funds disbursed on my FHA 203K Streamline mortgage?  This is one very critical question that most borrowers fail to think about and ask upfront. 
When doing an FHA 203K Streamline Renovation mortgage, one very important aspect that many fail to consider is the draw process.  Once you have closed on your FHA 203K mortgage, your draw funds will need to be disbursed so that your contractor can be paid.  The Streamline 203K program allows for up to 50% of the renovation costs to be paid out up front prior to the work being completed. 
How the mortgage company … (2 comments)

203k: FHA 203K Renovation Mortgage Program Overview/Updates - 02/13/11 05:31 AM
FHA Program Basics
Separate the Fact From the Fiction - The Real Story on FHA Seller Concession Limitations
FHA Minimum Down Payment Increases to 3.5% on Jan 1st
 


FHA 203K Guideline FAQ - Appraisals (Also see Property Conditions)
 

 



FHA 203K Guideline FAQ
 


FHA 203K Guideline FAQ - HUD Homes
Buy a HUD Home in Georgia for Only $100 Down
  


FHA 203K Guideline FAQ - Miscellaneous

 
 


FHA 203K Guideline FAQ - Property Condition
 
 



 
FHA Basic Guidelines
FHA … (0 comments)

203k: FHA 203K Renovation Mortgage Flow - 02/13/11 05:27 AM
FHA 203K Renovation Mortgage Flow

When using an FHA 203K Renovation mortgage to purchase a home, there is a flow that needs to be followed.  When the proper course is followed, the FHA 203K approval process goes much smoother.
 

For all of your FHA 203K financing needs, call (404) 591-2453.
 
… (2 comments)

203k: FHA 203K HUD Consultant Fee Schedule - 09/26/10 02:20 PM
The FHA 203K Consultant Renovation loan requires the use of a HUD Approved Consultant.  HUD has a preset schedule of fees that are to be charged to the borrower. 

For 2-4 unit properties, there will be an additional fee of $25/unit.  HUD does allow for mileage charges when the properties is located outside of the Consultant's area. 
Search For A HUD Approved Consultant
The FHA 203K Streamline Renovation loan does not require the use of a HUD Approved Consultant.
 

… (7 comments)

203k: Buy a HUD Home in Georgia for Only $100 Down - 07/11/10 08:26 AM
Buy a HUD Home in Georgia for   Only $100 Down
HUD is currently offering it's $100 Down Payment program on it's Georgia REO properties.  Don't miss out on this GREAT opportunity to purchase a home.  For a limited time, you can purchase a Georgia HUD Owned property using a FHA loan with only $100 down.  The $100 down is instead of the normal 3.5% down payment requirement that is typically required for an FHA loan.  This offer is valid for owner-occupants only.
HUD homes are currently available in nearly every GA county.  To start searching for a HUD home in Georgia, … (0 comments)

203k: Why Betty White is like a Good Realtor - 03/14/10 03:05 PM
 

I love football and was thinking about the Super Bowl, and Betty White came into my thoughts.  I started thinking how Betty White is like a Good Realtor.
In case some of you don't care for football or didn't see it, here's the commercial Betty appeared in (along with another crazy actor, older than dirt - Abe Vigoda (or at least older than me).  Watch it  so you know why Betty's got my vote for Good Realtor.
 
 
So now that you've seen Betty White in action, here's my reasons why Betty White is like a Good … (0 comments)

203k: FHA Minimum Down Payment Increase, As it Applies to 203K - 12/30/08 04:13 AM
Beginning Jan 1st, 2009, the minimum down payment on all FHA purchase transactions will increase from 3% to 3.5%.  As the mortgagee letter states, "limit the total FHA-insured first mortgage to 100 percent of the appraised value, and require the inclusion of the upfront mortgage insurance premium (UFMIP) within that limit."  This does not mean that FHA is 100% financing, but rather the 96.5% LTV + the Upfront MIP (normally 1.75%) must be less than 100%.  Since 203K will go to 110% of the appraised value, the 100% limit does not apply.
Specialty products with higher LTVs: Section 203(k), Section 203(h) for … (3 comments)

203k: FHA Minimum Down Payment Increases to 3.5% on Jan 1, 2009 - 11/30/08 12:24 PM
In case you have not already heard, the FHA minimum down payment increases to 3.5% starting January 1, 2009.  This change is with all new FHA case numbers issued starting Jan 1st.  As long as you have a property under contract and the lender has received the FHA case # by December 31, 2008, you can still close after Jan 1st using the current down payment requirement of 3%. 
The 6% limit on seller contributions toward closing costs/pre-paids remains unchanged.
FHA still has the $100 down program for the HUD REO's.  HUD will only contribute 3% of the sales price toward closing costs, so the borrower still has to have … (5 comments)

203k: Buy a HUD Home for Only $100 Down - 11/22/08 11:02 AM
Buy a HUD Home for Only $100 Down
Don't miss out on this GREAT opportunity to purchase a home.  For a limited time, you can purchase a HUD Owned property using a FHA loan with only $100 down instead of the normal 3% down payment requirement.  This offer is valid for owner-occupants only.  HUD homes are currently available in nearly every GA county. 
If the property is in need of repairs, you can still purchase it using a FHA 203K Renovation loan.  The 203K loan allows the buyer to purchase a home that has required repairs above the FHA limit of … (3 comments)