+1 vote
asked Apr 26 in FHA Loans by anonymous

2 Answers

+1 vote
With you be paying for the total of purchase price plus rehab costs. Example, purchase price is $200,000 and and rahab costs are $65,000. Your loan amount will be based on $265,000. Typically with a 3.5% down payment. Your total loan amount in this scenario is $255,725 base loan amount plus 1.75% up-front mortgage insurance premium or $4,475, so total loan amount of $60,200. Please contact me directly on 630-659-7644 or email me at mgracz@usa-mortgage.com. I would love to talk you about our 203K loan programs. We do not have any lender overlays on FHA 203K products. We go down to 530 credit scores with 10% down and 580 with 3.5% down.
answered Apr 27 by MikeGracz (16,780 points)
0 votes
Home Buyers can purchase a fixer upper or foreclosure with a FHA 203K LOANS.  3.5% down payment on purchase is required on the after improved value of the property.  There are 2 different types of 203 Rehab Loans.  FHA 203K streamline allow up to $35,000 in rehab cost. No structural changes or room additions allowed. Full Standard FHA 203K LOANS there are no construction limit and borrowers can go up to HUD LOAN LIMITS on the county property is located. One to four unit properties are eligible on FHA 203K rehab loans. Gustan Cho Mortgage Group at USA MORTGAGE a Division of DAS ACQUISITION COMPANY NMLS 227262 are experts on FHA 203K REHAB LOANS. Contact Michael Gracz or myself if you have any questions on qualifying for FHA 203K REHAB LOANS AT 630-659-7644. Text for faster response.
answered Apr 27 by GustanCho (107,040 points)
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