FHA 203k Loans in Wisconsin, Illinois, Minnesota and Florida
HUD announces 2012 FHA and FHA 203k Loan Limits (effective January
1, 2012)
FHA mortgage insurance premiums to change (effective
August 4, 2010)
New FHA mortgage insurance premiums (effective April 5, 2010)
FHA Condo Updates Effective February 1, 2010 (on our blog)
FHA Appraisal Portability Requirements Effective with case numbers assigned
on or after January 1, 2010 (on our blog)
Archived Announcements
We offer both the Streamline and Full FHA 203k Rehab Loans
The 203k program has been the primary tool of the Federal Housing Administration
(FHA) for providing insured mortgages for the purchase or refinance of single
family properties (one to four units) in need of major rehabilitation. But
what if a smaller scale of repairs is required? The Streamline 203k program
is a simplified 203k that was developed specifically to address these needs.
With the Streamline 203k program, you obtain one loan for the purchase (or
refinance of an existing debt) and the amount necessary to complete the
required repairs.
We offer both the streamline and full 203k loans.
Structural repairs and repairs over $35,000 would fall into the full FHA
203k loan category.
Contact us
for details.
Advantages to the FHA Streamline 203k:
- Get a preliminary loan approval in minutes
- Long-term amortization
- Competitive and attractive rates
- Repairs are completed after closing with loan proceeds
- Great tool for REO Properties
- One loan amount for the purchase or refinance and repairs
- Mortgage amount may also be increased when combining EEM (Energy
Efficient Mortgage) with Streamline 203k
- 3.5% down for 96.5% financing
Questions and Answers
Q: What repairs are eligible under the FHA Streamline 203k?
A: The following repairs are eligible under this program:
- Repair/Replacement of roofs, gutters, and downspouts
- Repair/Replacement/Upgrade of existing heating, ventilation, and
air conditioning systems
- Repair/Replacement of plumbing and electrical systems
- Repair/Replacement of flooring
- Minor remodeling that does not involve structural repairs, such
as kitchens
- Exterior and interior painting
- Weatherization, including storm windows and doors, insulation,
and weather stripping
- Purchase and installation of appliances, including free-standing
ranges, refrigerators, washers and dryers, dishwashers, and
microwaves
- Improvements for accessibility for persons with disabilities
- Lead-based paint stabilization or abatement of lead-based paint
hazards
- Repair/Replacement/Addition of exterior decks, patios, porches
- Basement finishing and remodeling that does not involve
structural repairs
- Basement waterproofing
- Replacement of windows and doors and exterior wall re-siding
Q: Is the 203k Streamline for purchases only?
A: No, the Streamline 203k may be used for a purchase or a
refinance. It may also be used to purchase a REO (Real Estate
Owned) property.
Q: Who is responsible for repairs?
A: The homebuyer/owner pays for the repairs from the loan
proceeds.
Q: Do repairs have to be completed before the loan closing?
A: No, the repairs may begin after the loan is closed.
Q: Do I have to hire a general contractor?
A: No, a general contractor is not required since the repairs will
be
minor. You may either hire a contractor or perform the work
yourself as long as it is done in a timely manner.
Q: Do I have to hire an FHA Inspector?
A: No, to eliminate the need and cost for an inspection of the
completed repairs, the lender may accept receipts from
the contractor or proof of completion of the work to the
homeowner’s satisfaction.
Q: What repairs are not allowable?
A: Repairs that are considered major rehabilitation or requiring
structural modification.
Q: What if your property requires major repairs?
A: You may use the regular FHA 203k program for this instance.
Q: Who receives payment for the repairs?
A: Up to two payments may be made to the contractor or the
homeowner.
Q: How much down payment do I need?
A: As with most FHA mortgage loan programs, the minimum
investment is 3.5%.
Q: What about construction fees?
A: Most construction fees (i.e.: loan discount points, title update
costs,
permit costs) may be financed in the loan.
Q: Where can I find out more information about the 203k
Streamline?
A: Contact us today!
We also offer the FHA full program. Please contact us for details.
FHA Streamline Refinance Program Information
FHA Program
Information
HUD announces 2012 FHA home loan limits
Search FHA Maximum
County Mortgage Limits by State
Illinois FHA Loan Limits (PDF) Sorted by County
Wisconsin FHA Loan Limits (PDF) Sorted by County
Minnesota FHA Loan Limits (PDF) Sorted by County
Florida FHA Loan Limits (PDF) Sorted by County
FHA mortgage insurance premiums
FHA approved condo list
Other programs that may be of interest:
FHA Loans
USDA Rural Housing (still no money down 100% financing)
VA Loans (still
no money down 100% financing)
My Community Mortgage
Freddie Mac Home Possible
100% Financing Programs
Mortgage Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Programs
My Community Mortgage
Government Loans including
FHA, VA and
Rural Housing
Refinance Programs
Current
FHA Mortgage Rates
About Us
Apply or Pre-qualify
Online
Contact Us
Recent FHA streamline 203k rehab mortgage posts on our blog:
FHA 203k: Not Just a Purchase Loan – Refinance Options
Available!
Many mortgage companies and banks are advertising their
low rates for FHA 203k purchase loans. There is no doubt
that for people looking to get a home in need of some
modest repairs and updates the FHA 203k is a great
financial move. However, that loan is not a purchase
only type of mortgage. It can also be used for people
who currently own a home and would like to refinance to
a low rate while getting a small amount for some
renovation projects.
We offer FHA 203k loans in Wisconsin, Illinois,
Minnesota and Florida.
Read the rest of this
entry »
The FHA 203K Program Can Be Perfect for Some People’s
First Home
People who are looking to buy their first home at a good price with a low down payment will be surprised to find that FHA has a perfect solution for them. The 203K loan can help people purchase a home and make necessary repairs or improvements with one loan.
We offer FHA 203k loans in Wisconsin, Illinois,
Minnesota and Florida.
Read the rest of this
entry »
FHA 203K is a Great Way to Refinance an Existing Loan to
a Much Better Rate
Lots of information has been published on the internet and typical news outlets about the advantages of the
FHA 203k loan
(Wisconsin, Illinois, Minnesota and Florida). Without a doubt this is an excellent vehicle for buying an existing home and financing any needed repairs or improvements with one simple loan. However, the same type of loan can be used by people looking to refinance an existing mortgage to an excellent rate.
Read the rest of this entry
»
FHA 203k Loans the Series Part 4: FAQs
Welcome to the last installment of our
FHA 203k Mortgage
series. Over the past weeks we’ve covered a lot of
topics on this program. I’d like to wrap this series up
with some of the frequently asked questions we hear from
our customers and realtors.
We offer FHA 203k loans in Wisconsin, Illinois,
Minnesota and Florida.
Read the rest of this entry »
FHA 203k Loans the Series Part 3: The Timeline
Welcome to Part 3 of our FHA 203k series. Today we are
going to give you a timeline as to how the process
should go. Remember this should only be used as general
guide, as each loan is going to be little different.
The first step one should take with a 203k or any
purchase is getting pre-qualified. That means doing a
little research and finding an experienced professional
to work with. This is especially important with the 203k
program since experience can be the difference in turn
times and a successful closing.
Read the rest of this entry
»
FHA 203k Loans the Series Part 2: The Guidelines
When purchasing or refinancing with a 203k loan the
eligible mortgage amount is based of the projected value
of the home after the improvements are completed. The
appraisal is a two step process, the as-is value and the
value after rehabilitation. This basically means that
the better deal you can get on the property, the more
you can spend on improvements. This is an excellent
program for foreclosed properties and short sales.
Read the rest of this entry
»
FHA 203k Loans the Series Part 1: Types Available
There are 2 types of
FHA 203k loans
– the 203k rehabilitation loan and 203k streamline. Both
are very useful tools for those that are looking to
improve a property they want to purchase or refinance.
This program has gained a lot of popularity with ill
maintained foreclosed properties. These loans are more
complicated than your average purchase loan and will
require the borrower to be more involved in the
transactions.
We offer FHA 203k loans in Wisconsin, Illinois, Minnesota
and Florida.
Read the rest of this entry
»
What Type of Improvements are Allowed with the FHA 203k
Loan?
The FHA 203k loan is a great way for people to either
purchase a home in need of repairs or remodel an
existing home. Customers can use one loan to either
purchase or refinance a home and also make necessary
repairs or improvements to the property. Here is a short
list of some of the improvements allowed under the
program.
Read the rest of this entry
»
Do I Need a Licensed Contractor to Complete the Rehab
Project on My Home?
People that are looking to add value to their current
home or simply change the look and feel of the property
often turn to licensed contractors to handle the whole
project. Generally speaking, this is sound advice that
should be followed by anyone looking at a major
renovation.
Read the rest of this entry
»
Introduction to the FHA 203k Mortgage Series
FHA 203k loans
can be used to make repairs to the property, update
appliances, and even add square footage! Not every
lender out there offers the 203k program, but we excel
at it. Because of the complexity of this type of lending
we will actually be doing a several part series to cover
all that it has to offer.
We offer FHA 203k loans in Wisconsin, Illinois, Minnesota
and Florida.
Read the rest of this entry
»
FHA 203k Purchase – New Loan for Old Homes
For years homeowners had to face a tough decision. Buy a
home in a good area that really stretched their budget or
buy an older home, at a cheaper price, and repair it over
time? The main problem most people faced in the decision
to buy the older home was the lack of funds for remodeling
or repairs. The FHA 203k loan has come to the rescue for
people in this exact situation.
We offer FHA 203k loans in Wisconsin, Illinois, Minnesota
and Florida.
Read the rest of this entry
»
FHA 203k Loan – The Perfect Way to Refurbish a Home
The Federal Housing Authority (FHA) introduced the
FHA 203k loan
to provide people with a way to borrow the money to make
necessary improvements and combine the loan with the home
purchase loan. This allows people to buy a home that falls
within their budget, renovate it to the latest colors and
styles, and have only one loan at a very attractive price.
Read the rest of this entry
»
FHA 203k Streamline – The Best Way to Purchase Fixer Upper
Homes
Buying a home that is need of repair has always been a struggle.
The lender wants the property to be in tip top shape before
the loan can be finalized. The seller does not want to pay
for repairs. But the buyer really wants the home and they
can see the potential value with a little bit of work. What
is a person to do? The FHA 203k loan is made for this exact
type of scenario.
We offer FHA 203k loans in Wisconsin, Illinois, Minnesota
and Florida.
Read the rest of this entry
»
The FHA 203k Home Improvement Loan – Part 3
Now that you have a better understanding of the FHA 203K
loan let’s look at the types of properties that are
eligible for this loan. This is part 3 of a 4 part
series on FHA 203k loans in Wisconsin, Illinois,
Minnesota and Florida.
Read the rest of this entry
»
The FHA 203k Home Improvement Loan – Part 2
Most people are aware that the federal government offers
an enormous amount of programs to help people in all
types of situations. The FHA 203k program was designed
to help people finance the remodel or repair of their
home.
Over the next few posts we will explain the program, how
it can be used, and the homes that are eligible for the
loan.
Read the rest of this entry
»
The FHA 203k Home Improvement Loan – Part 1
Most people are aware that the federal government offers
an enormous amount of programs to help people in all
types of situations. The FHA 203k program was designed
to help people finance the remodel or repair of their
home.
Over the next few posts we will explain the program, how
it can be used, and the homes that are eligible for the
loan.
Read the rest of this entry
»
FHA Streamline 203k Rehab Loans
The Streamlined FHA 203k program in Wisconsin,
Illinois, Minnesota and Florida is intended to
facilitate uncomplicated rehabilitation and/or
improvements to a home for which plans,
consultants, engineers and/or architects are not
required.
Read the rest of
this entry »
FHA Mortgage Insurance Premiums to Change October 4, 2010
FHA announced recently that it will be changing the upfront
(UFMIP) and monthly FHA mortgage insurance premiums effective
with case numbers assigned on or after September 7, 2010.
Today, the date has been pushed back to October 4, 2010
with this
statement from Assistant
Secretary Vicki Bott. Below is an excerpt of
the original announcement from the
Desk of David H. Stevens:
Read the rest of this entry
»
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