It's the Best Loan for these Types of Homes and these Economic Times
Why?
- It is easier to get qualified.
- You can get approval with lower credit scores.
- It is perfect for making an offer on a foreclosure.
The process is easy as 1-2-3:
- For those people whose FICO scores might not qualify them, we help people fix or repair their credit scores.
- You can either:
- Schedule a 1-on-1 meeting with one of our mortgage experts
- Attend one of our credit repair classes that are held once a month
Articles for more information
More information about FHA 203 K Loan Streamline
Facts About the 203 K Streamline Loan
First Time Home Buyer and a Tax Credit
How a Tax Credit Can Help You Purchase a Home
5 Reasons FHA Loans Can Help You Today
Download the FHA Loan Guide (PDF)
Rehab a Home with HUD's 203K Rehab Program
Take a look at a simple example:
| You Buy a Foreclosed Home for: | $50,000 |
| You got estimate to repair and improve of: | $25,000 |
| Estimated Closing Cost: | $3,025 |
| Total Investment: | $78,025 |
| Down Payment required is (3.5%): | $2,730.88 |
| Principle and Interest Payment will be: | $434.98/month |
|
|
| Property Taxes | $166.66/month |
| Home Insurance | $41.66/month |
| PMI Insurance | $35/month |
| Estimated Monthly Payment | $678.30/month |
At the end of purchasing, you should have a home that:
- Cost you only $78,025
- Is worth $90,000 when repairs are complete
- Is remodeled and repaired to your satisfaction
- Has a fixed mortgage payment that will never go up
- in 5 years is worth at least $100,000
(Please note that that is assuming a 2% increase in home values over the next 5 years and that all the conditions above are met)