We have received the "more-than-normal" questions about the FHA 203k streamline program recently - probably due to the high numbers of bank-owned properties that are currently for sale all across the valley. If you have been shopping for homes, it is no mystery that when a property is currently owned by a lender, often times, it needs a "little bit of work". How do you know if a property will … [Read more...]
Arizona FHA Mortgage Refinance Options: Which Ones Are Real?
FHA Hope for Homeowners, FHA Secure, FHA Streamline, FHA 95% Cash-out, FHA 203k Streamline, FHA Short Refinance... these are all "real" options for people who are currently in an FHA loan and looking for FHA refinancing options. Supposedly. Some are more real than others. Let's start with the "most real" FHA refinance programs and identify who can benefit from them. FHA Streamline … [Read more...]
The Ten Step FHA 203(k) Application Process
In my experience, there is no exact application process for any loan! Each person seems to have different timelines and each time someone buys a home it is a little different. But, in general the application process for an FHA 203(k) loan looks like this ten-step process and involves these key players: The Borrower The Realtor The Mortgage Lender The Contractor The Consultant The … [Read more...]
The FHA 203(k) Program – How It Is Different From a “Regular” Mortgage
The FHA 203(k) program is different than most other home mortgage financing options in that the 203(k) loan accounts for the value that the house is *going to be worth* once repairs are done. There are 3 eligible situations where an FHA 203(k) mortgage can be done: To purchase a house on a plot of land and rehabilitate it (the most common) To purchase a house on another site, move it onto a … [Read more...]