Wednesday, July 31, 2013

203K STREAMLINE INELIGIBLE REPAIRS

INELIGIBLE REPAIRS

Major rehabilitation

New construction including room additions

Repair of structural damage

Repairs requiring detailed drawings

Landscaping or site amenity improvements

Any improvement that will take longer than 3 months

REHAB activities that...

Rehabs that require more than 2 payments

Requires architectural plans or exhibits or a plan reviewer

Results in work not starting within 30 days of a loan closing or cause the mortgagor to be displaced from the property for more than 30 days during the rehab period

FHA anticipates that mortgagors will occupy during rehab

Soon to follow...203k Streamline Appraisal Requirements

www.vshomeloans.com to fill out an online application.  Please contact me if you need a realtor specializing in 203k.



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