When getting an Arizona FHA 203k streamline loan one of the more popular questions I am asked is "how does the payment process work?" and when outlined, it isn't all that complicated (or at least it doesn't seem like it...) With the FHA 203k streamline program the repair funds are held in escrow by the lender - and the borrower has 3 months from their closing date to complete all of the work on … [Read more...]
FHA 203k Streamline: Contractor Requirements
When using the Arizona FHA 203k streamline to finance your home, you will usually need to get a contractor to perform the work. The general process of finding a contractor and working with the lender and contractor looks like this: Lender reviews the contractors license, bonding, insurance and credentials Contractor estimates and provides the lender estimates that clearly state the nature … [Read more...]
Arizona FHA Loans: Home Repairs, Which Ones Are Required?
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...]