Archive for the ‘FHA 203k Streamline’ Category

I guess I can’t talk about the first time home buyer $7,500 tax credit too many times. People are very interested in this program. First of all, let me stress that there are limitations and qualification for this program. The most stringent is that it is available for homes purchased between April 9 of last year (2008) and July 1 of this year (2009). If you miss that window, you miss the tax credit. There is talk about extending this window, but nothing has happened yet.

Next, the credit is only available to single taxpayers with an Adjusted Gross Income (AGI) of $75,000 or less or married taxpayers with a AGI or $150,000 or less to get the full credit. Lesser credits are available for those making more than the limits listed here. Read More

Jonathan Blackwell is one of my associates in Atlanta GA and he has taken the FHA 203k Streamline Rehab loan to an art form. Not only has he got the lending aspect covered, but he has also developed relationships with contractors that are already approved for the process. He lists some very valid points about FHA203k Streamline mortgage loans that are really apply to the Eugene/Springfield market.

Looking to Renovate? 5 Reasons to Think FHA 203K

Posted by Jonathan Blackwell Read More

Oftentimes people don’t do something until they have a sense of urgency. This carries over to purchasing a home too, not just for experienced home owners but also for first time home owners. In a market such as we have with mortgage interest rates dropping and home prices falling, they think that now is the time to sit on the sidelines and wait for the great interest rate and for the perfect home you want to get to just the right price before you make your move. Sound familiar? Read More

I wrote this entry about the tax credit for first time home buyers that is part of the Housing Act of 2008 in September in my Active Rain Blog. I have had a lot of questions from people about this program so I felt it was time to renew the post and let people know how they can use the $7,500 first time home buyer tax credit to their advantage when purchasing their first home.

First Time Home Buyer $7,500 Tax Credit and How To Use It for Down Payment

First of all, it needs to be stressed that there are limitations and qualification for this program. The most stringent is that it is available from homes purchased between April 9 of this year (2008) and July 1 of next year (2009). If you miss that window, you miss the tax credit.

Next, the credit is only available to single taxpayers with an Adjusted Gross Income (AGI) of $75,000 or less or married taxpayers with a AGI or $150,000 or less to get the full credit. Lesser credits are available for those making more than the limits listed here. Read More

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Continuing my FHA mortgage series, today I discussed the various differences with manufactured homes with FHA loans on my Active Rain blog. There are a number of things about manufactured homes that are different than “stick built” homes, including the “expiration” date on homes. Please read the following for more information about FHA mortgage loans and manufactured homes:

This is Part Three in my series on FHA Real Estate Loans and some things that home buyers and home owners may not be aware of. Today, I am going to discuss the purchase and refinance of manufactured homes with their own land. Manufactured homes on leased land are not eligible for FHA loans in my lending area of Oregon, Washington and California. FHA loans, except for streamline refinances are limited to owner occupied primary residences only.

First of all, what is a manufactured home? A manufactured home is one that is built in a factory and transported to the home site in sections. This differs from a modular home that is built on site from factory built pieces, i.e., walls, roof, floors, etc or a site built (stick built) home. It can be single wide or multi wide and still be financeable with an FHA loan. It must have been built after June 15, 1976 and have a concrete foundation and tie downs. For a 203b loan, foundation and/or tie downs can be retrofitted prior to closing. For a 203k loan, both must be in place prior to approval. Read More

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In yesterday’s installment of FHA Mortgage information, I covered the latest changes to the home loan program, including the increased down payment requirement on Jan. 1, 2009. Today, I am going to attempt to explain some of the credit and credit score requirments particular to FHA Mortgage Loans.

This is from my Active Rain Blog:

This is Part Two in a three part series about FHA mortgage loans. Part One talked about the changes in FHA loans going into effect on Jan. 1 and the things that wouldn’t be changing. In this installment, I will cover some credit issues having to do with FHA loans.
FHA mortgage loans do not have a minimum credit score requirement. However, FHA does not make the loans, they insure them. The lenders that make the loans may have different rules. In this case, it is the Golden Rule; he with the gold makes the rule! Read More

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