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All Posts in Home Refinance

The FHA 203K Mortgage Process

May 14, 2012

 The FHA 203k is a great loan for someone making a purchase or refinancing, and these steps will provide you with a road-map to understanding the process. 1)    The Buyer works with a realtor to find the right property for them, or the owner is ready for a renovation on their existing property. 2)    Get [...]

KEY PRODUCT FEATURES OF THE FHA 203(K) Loan

May 7, 2012

Many are surprised to find out that you can use a FHA 203k loan to refinance or purchase a property and roll in the cost of rehabilitation and renovation.  This is one of the great ideas behind the FHA 203k loan.  Frequently, I receive calls from customers stating they don’t have enough equity in their [...]

Eligible Improvements Using the FHA 203K Loan

April 26, 2012

Lately I’ve been asked, “what are some allowable improvements when we use the FHA 203k rehab mortgage”?  I’d like to give you some basic information that you can use to help understand how the FHA 203k renovation mortgage works and what is eligible. These are prime times for the FHA 203k program more than ever. [...]

4-Steps to moving 3 million REO properties with a 203k and other tools

March 3, 2012

This is a great blog post from Vito Simone, a FHA 203k consultant who services the Maryland area.  His contact information is below and his blog can be viewed at http://203kexperts.com/. 4-Steps to moving 3 million REO properties with a 203k and other tools There is NO example of government owned rentals that have proven to [...]

FHA 203K…The Contingency Reserve

January 8, 2012

What’s The Contingency Reserve? The Contingency Reserve is something that needs to be addressed because it’s an extremely important part of the FHA 203k loan.  The Contingency Reserve is there for cost overruns- it is a component that is put in place to protect the home buyer or home refinancer in case of additional costs or expenses [...]

Have you seen the show “Property Brothers” on HGTV?

January 3, 2012

I got really excited one day when this new show came out called the “Property Brothers.” I swear when I watch the show I think that I may actually be related to these guys in one-way or another. I believe I might be the third brother- the one that nobody knows about- the one that [...]

FHA Streamline Refinance without Credit Scores and Appraisal

July 31, 2011

FHA Streamline refinances typically require credit scores and appraisals – this is not the way the FHA streamline program was supposed to be used, but conduits (investors) have put their overlays on FHA mortgages. This is a shame because there are good borrowers out there who make their mortgage payments on time but who, for [...]

FHA 203k Mortgage Issues- Obtaining Permits

July 25, 2011

I started reaching out to some FHA 203k consultants that I know and also to a few other FHA 203k lenders and I asked them all to please tell me what gives them the biggest headaches and what could I tell customers upfront that would help speed along FHA 203k mortgage transactions. Drum roll please……… [...]

For The 9th Straight Month, Foreclosure Filings Fall

July 20, 2011

For the 9th straight month last month, foreclosure activity slowed. According to tracking firm RealtyTrac, the number of  filings dropped 29 percent nationwide on an annual basis in June. The phrase “foreclosure filing” is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions. June marked the ninth consecutive month of sub-300,000 filings after 20 months [...]

Fed Meetings and their impact on consumers

July 18, 2011

The Federal Reserve released its June 2011 Federal Open Market Committee meeting minutes Tuesday. It contained no surprises and, as such, mortgage rates in Pennsylvania and New Jersey have idled in the hours since. The Fed Minutes is published 8 times annually, three weeks after each scheduled Federal Open Market Committee meeting. It’s the official log [...]

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