Category: FHA 203K Loans
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Standard/Full 203K Quick Close System
Question: I’m buying a home with a four foot hole in the roof with major fire damage. I’m getting a great price point because of the existing damage. Is there a way to buy the house and finance the cost of these major renovations into my mortgage. The answer of course is yes structuring the transaction using a Standard/Full FHA 203K.…
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Streamline/Limited FHA 203K Quick-Close System
New home buyers spend an average of $17,500 in basic upgrades and repairs in the first two years after their purchase and 90% of that is placed on high interest credit cards. New homeowners empty their bank account for their down payment and closing costs when buying a new home. Then max out their credit cards doing the…
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Multi-Unit Purchase Using FHA Financing
Thinking of purchasing a three or four unit residential building using FHA financing? It’s a great opportunity. FHA allows one-unit to four-unit purchases for only 3.5% down payment. FHA defines a three or four unit property as “a single family residential property with three or four individual dwellings”. There are two basic differences from a…