The FHA 203k Renovation Loan allows a borrower to roll repair/renovation costs into their FHA loan. The repairs/renovation can include optional renovations/upgrades such as: interior and/or exterior paint, new flooring, kitchen/bath remodel, Energy Efficient Improvements, landscaping, etc. The process in obtaining and utilizing an FHA 203k loan can be very simple when working with the right loan officer who understands the program, and offers advantages to everyone involved in the transaction. If you are interested in a NV FHA loan, you should check with your lender.
Popular first time home buyer programs include Fannie Mae financing, FHA loans, VA loans and various programs offered through HUD. Home buyers might also be eligible for the Worker, Homeownership and Business Assistance Act which provides an $8000 first time home buyer tax credit toward real estate purchased by April 30, 2010. The Recovery Act also grants up to $6500 in tax credits to homeowners that have resided in their home for a minimum of five years and ready to move into a higher priced property.
Advantages to Borrower- Repair/renovation costs are rolled into the loan- Both major and minor items are allowed- Only 3.5% down on any FHA loan with up to 6% closing cost credit from seller allowed- Loan amount can go up to 110% of the "after-improved value" on the appraisal- Optional renovations/upgrades are allowed- Customer can use a 203k consultant to help deal with contractors- Interest on the entire loan may be tax deductible.- Allows buyer to purchase homes that may not qualify under standard FHA guidelines.
In hardest-hit areas like California, Florida, Arizona and Nevada, many under-water properties have a second lien, legacies from the days when real estate values were soaring. So, if these people are current on their first and second liens, and remaining equity covers the first lien but not the second, why would the first lender agree to take a hit? Why would the second lender agree to eat thousands of dollars? The FHA Short refinance program will do little - if anything - to help this large group of homeowners who are prime candidates for strategic defaults.
The Department of Housing and Urban Development offers a variety of first time buyer programs. While HUD programs vary by state, most grant opportunities to purchase HUD homes at substantially discounted prices. Teachers, law enforcement agents, and public service professionals such as firefighters and paramedics might qualify for HUD's 'Good Neighbor Next Door' program. This home buying program allows the aforementioned professionals to purchase HUD homes at up to half off real estate listing prices. Check with your local mortgage company for more information about NV FHA loans.
Popular first time home buyer programs include Fannie Mae financing, FHA loans, VA loans and various programs offered through HUD. Home buyers might also be eligible for the Worker, Homeownership and Business Assistance Act which provides an $8000 first time home buyer tax credit toward real estate purchased by April 30, 2010. The Recovery Act also grants up to $6500 in tax credits to homeowners that have resided in their home for a minimum of five years and ready to move into a higher priced property.
Advantages to Borrower- Repair/renovation costs are rolled into the loan- Both major and minor items are allowed- Only 3.5% down on any FHA loan with up to 6% closing cost credit from seller allowed- Loan amount can go up to 110% of the "after-improved value" on the appraisal- Optional renovations/upgrades are allowed- Customer can use a 203k consultant to help deal with contractors- Interest on the entire loan may be tax deductible.- Allows buyer to purchase homes that may not qualify under standard FHA guidelines.
In hardest-hit areas like California, Florida, Arizona and Nevada, many under-water properties have a second lien, legacies from the days when real estate values were soaring. So, if these people are current on their first and second liens, and remaining equity covers the first lien but not the second, why would the first lender agree to take a hit? Why would the second lender agree to eat thousands of dollars? The FHA Short refinance program will do little - if anything - to help this large group of homeowners who are prime candidates for strategic defaults.
The Department of Housing and Urban Development offers a variety of first time buyer programs. While HUD programs vary by state, most grant opportunities to purchase HUD homes at substantially discounted prices. Teachers, law enforcement agents, and public service professionals such as firefighters and paramedics might qualify for HUD's 'Good Neighbor Next Door' program. This home buying program allows the aforementioned professionals to purchase HUD homes at up to half off real estate listing prices. Check with your local mortgage company for more information about NV FHA loans.
About the Author:
Learn more about NV FHA. Stop by Kate Bailey's site where you can find out all about NV FHA loans and what they can do for you.
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