There are 3 main types of FHA financing, for more details on rates and terms contact a mortgage lender familiar with FHA guidelines.
1. 203 (b) regular FHA loan for homes listed as "IN" insurable on the hudhomestore website.
This means the property doesn't need any required repairs and HUD will insure the loan with the classification of "IN".
2. 203 (b) with repair escrow listed as "IE" insurable with an escrow on the hudhomestore website.
This means the property needs $5,000 or less in repairs to bring it up to FHA's minimum property standards. FHA will insure the loan if the repairs are completed by the Buyer or the Buyer's Agent within 90 days after the closing date.
It is a cost to the Buyer that can be financed with the mortgage loan.
The lender monitors the escrow account and disburses the funds upon satisfactory completion of the repairs.
3. 203 (k) listed as 203k eligible on the hudhomestore website.
This means the home needs more than $5,000 in repairs to bring the property up to FHA's minimum property standards.
4. UI uninsured, this means the property needs more than $5,000 in repairs and is not eligible for an FHA insured loan unless 203k financing can be arranged/approved.
If you're considering buying a home in metro Atlanta GA and need assistance from a great team, call now.
Priscilla Hammond
1. 203 (b) regular FHA loan for homes listed as "IN" insurable on the hudhomestore website.
This means the property doesn't need any required repairs and HUD will insure the loan with the classification of "IN".
2. 203 (b) with repair escrow listed as "IE" insurable with an escrow on the hudhomestore website.
This means the property needs $5,000 or less in repairs to bring it up to FHA's minimum property standards. FHA will insure the loan if the repairs are completed by the Buyer or the Buyer's Agent within 90 days after the closing date.
It is a cost to the Buyer that can be financed with the mortgage loan.
The lender monitors the escrow account and disburses the funds upon satisfactory completion of the repairs.
3. 203 (k) listed as 203k eligible on the hudhomestore website.
This means the home needs more than $5,000 in repairs to bring the property up to FHA's minimum property standards.
4. UI uninsured, this means the property needs more than $5,000 in repairs and is not eligible for an FHA insured loan unless 203k financing can be arranged/approved.
If you're considering buying a home in metro Atlanta GA and need assistance from a great team, call now.
Priscilla Hammond
404.503.6562
MLS listed homes for sale in Georgia
2 comments:
This article was really helpful to those who were thinking of its real meaning . So with this they can understand it .
95% mortgages
This is a good information that will be so handy.
Mountaintop Real Estate
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