Monday, July 29, 2013

203K STREAMLINE FEATURES

Streamline 203k Features:

Enables borrowers to finance both the purchase or refinance of a home and the cost of its rehabilitation through a single mortgage

Term:  30 year fixed

The Streamlined FHA 203k program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are NOT required.

Due to the rehabilitation amount limitation of $35k, eligible improvements are limited and can not include:  new construction such as a room addition, repairs to structural damage or site amenity improvements.

680 middle Score- 43% debt to income ration with an AUS approval and all standard FHA standard guidelines apply.

3.5% down payment and 6% seller contributions

Cash-out is not allowed and loan proceeds not advanced must be applied to principal.

Maximum repair amount is $35k minimum repair amount is $5k

STAY TUNED for a list of Eligible Improvements.Streamline 203K

Please visit my website www.vshomeloans.com 

My name is Valerie Springer nmls 198479, Home Mortgage Expert and writer for Ask Val in Birmingham, AL. You may contact me at valerie.springer@benchmark.us or call me at 205-314-4775.