Posts Tagged ‘fha 203k’

Did you know you can buy a home with just $100 down payment, even in today’s changed market? It is true. If you qualify for the loan, HUD allows some of the homes that they have foreclosed to be purchase with an FHA loan with only a $100 down payment. You will need to determine if the specific property is eligible for this program. This is a great way for a first time home buyer to get into a home with very little down and take advantage of the $8,000 first time home buyer tax credit too. Until recently we didn’t have any HUD foreclosures in Lane County. Here is a list of the current Lane County foreclosures, according to the HUD website: Read More

Last year, as part of the Housing Bill of 2008, HUD raised the FHA loan limits across the United States as a way to help people that were having difficulty refinancing their sub-prime mortgages. That temporary increase expired on Dec. 31, 2008 and the new minimum FHA loan limit went into effect for the Eugene/Springfield and Lane County area. Although still a decent limit, it did take a lot of the market out of FHA financing. Well, that changed this week. Read More

I just posted this information on my other website, http://eugeneloanguy.com and wanted to make sure it got as wide a dissemination as possible. The problem with foreclosures taking down everyone’s home values cannot be over stated. I think this is one program that will definitely help with that problem. Bank owned properties are almost always in need of repair and the FHA 203k Streamline is an ideal product to handle that situation. Read More

Finally, in our series about buying a foreclosure using the FHA 203k Streamline Rehab loan I want to discuss selecting a contractor. If you have followed my instructions, you are now pre-approved for an FHA 203k Streamline mortgage for a specific price range and you have met and developed a rapport with the Realtor® that is going to make sure you get the proper guidance and support you need. This next step is also very important, selecting the contractor or contractors for your rehab process. This is a very important aspect of your Oregon FHA 203K loan. There are things that you need to look for in the right FHA 203K contractor as they can mean the difference in a successful or unsuccessful FHA 203K renovation. Read More