|Rates and FHA 203K|
Interest rates are again low and should start some new activity in the area. Some loans can be quoted below 6% with 30 year fixed rates so make your buyers aware this is a good time to look and get that new home.
We may be missing some good opportunities today with all the bank owned homes. How many of you have closed a FHA 203K loan? Do you know what that is? I hope so but for those who may not please get familiar with the product. The loan is a remodel loan that will allow a customer to close a mortgage on a property in disrepair and take money and fix up or remodel the home. There are two types of these loans FHA and our company offers. The full 203K and the streamline.
Under the streamline a customer buys or refinances a home with minor repairs that total a maximum of $35,000.00 and uses 2 or less contractors to complete the work. The loan is simple and still only requires a 3% investment at purchase. With all the homes on the market with repairs needed we need to close more of these deals.
The standard 203K loan is everything over the streamline. There is no maximum except the FHA loan limits and multiple contractors can be used to complete the renovations. Again only a 3% investment is required for a purchase and standard FHA credit underwriting guidelines apply.
Most banks and mortgage companies are still afraid to offer this product in our current environment but I am happy to say America's Mortgage Experts is again showing the way to close these great loans and put people into houses. Please call the office if you would like to know more about the product or would like me to visit your office and give you a complete overview of the program.
We are always here to help you close loans.
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