Press Release Summary: FHA section 203(k) allows the borrower to finance acquiring and restoring of a property with one loan.
Press Release Body:
A homeowner or prospective homeowner can get his questions answered when he poses it to the FHA Appraiser Baton Rouge. The is what we are here for to answer the questions of homeowners. President Bush has made some changes in government programs relating to the housing market like the FHA. Some of these changes are summarized below.
FHA section 203(k) allows the borrower to finance acquiring and restoring of a property with one loan. This loan can be fixed or an adjustable rate mortgage. When the purpose is rehabilitation the mortgage amount is based on the properties projected value when the work is completed and what the work cost. There are three types of FHA mortgage loans: the one use the most is the Fixed Rate 203(b) loan , the next one is the FHA adjustable rate loan and last the Home Equity Conversion Mortgage. For HUD it is called the Reverse Mortgage for Seniors. There are qualification requirements, which can be found at the FHA Appraiser Baton Rouge.
This program has the advantage for lenders in that they can show they are committed to the renovation of lower income communities under Community Reinvestment Act. This program is a win-win situation.
The FHA Appraiser Baton Rouge site is full of informative information like this and with much more detail to help home owners and prospective home homers make good decisions. Another useful article at this site concerns the Federal Housing Finance Regulatory Reform Act of 2008. Basically this bill has created and empowered new regulators of Fannie Mae, Freddie Mac, and other GSE\'s. They have the authority of federal financial regulators. The details of this Act are clearly explained at the FHA Appraiser Baton Rouge
Many prospective home owners wonder if the FHA will allow 100% financing. Section Section 2112 of H.R. 3221 of The Housing and Economic Recovery Act of 2008 has swept away the former percentage limitations. They are permitting financing of as much as 100% of the appraised value of the property.
There have been changes made recently to the FHA loan guidelines that can help someone wanting to buy a home that has bad credit. For people with lower incomes have a chance to get a home because FHA Loans are different than conventional mortgages. The good point for lenders is that the majority of the red tape that used to be involved is now gone.
There are eight good reasons to accept an FHA buyer\'s offer: the down payment requirements are easy, the buyer can get terms in which he doesn\'t have to pay any closing costs, the buyer isn\'t required to have in money in reserve, as-is appraisals are now allowed, the buyer doesn\'t need a minimum credit score anymore, the underwriter can use his discretion to manually approve the loan, the penalties for paying off a loan early have been eliminated.
To find out more vital information contact Bill Cobb, CREA at 225-293-1500 or batonrougefhaappraiser@gmail.com. Or visit the site http://www.fhaappraiserbatonrouge.info/
Web Site: http://www.fhaappraiserbatonrouge.info
Contact Details: To find out more vital information contact Bill Cobb, CREA at 225-293-1500 or batonrougefhaappraiser@gmail.com. Or visit the site http://www.fhaappraiserbatonrouge.info
2022
