the differences give you power 203k and fannie mae homestyle
TRANSCRIPT
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The Differences Give you power
203k and Fannie Mae HomeStyle
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The Difference between
FHA 203k and Fannie Mae HomeStyle
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The Difference between
FHA 203k and Fannie Mae HomeStyle FHA 203k Loans
FHA Insured (MIP/PMI) Must be owner occupied FICO Score 640 Downpayment as low as
3.5% FHA Loan Limitations by
area Maximum 417,000 loan Condo must be on
approved list Two types Streamlined
and Full 203k Cannot be used for luxury
items
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The Difference between
FHA 203k and Fannie Mae HomeStyle Fannie Mae HomeStyle
Conventional Mortgage Investor/multiple homes FICO Score 660 Downpayment as low as 5%-
usually higher No Maximum Loan Limit High Balance Loans ($800 K) Condo, any type of property-
no pre-approval Unfinished new construction
Can be used for luxury items- pool, outdoor kitchen
No minimum property standard requirements
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The Difference between
FHA 203k and Fannie Mae HomeStyle
Fannie Mae HomeStyle Conventional Mortgage Investor/multiple homes FICO Score 660 Downpayment as low as 5%-
usually higher No Maximum Loan Limit High Balance Loans ($800 K) Condo, any type of property-
no pre-approval Unfinished new construction
Can be used for luxury items- pool, outdoor kitchen
FHA 203k Loans FHA Insured (MIP/PMI) Must be owner occupied FICO Score 640 Downpayment as low as
3.5% FHA Loan Limitations by
area Maximum 417,000 loan Condo must be on
approved list Two types Streamlined
and Full 203k Cannot be used for luxury
items
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FHA 203k Inspections
The standard mortgage limits for FHA insured loans in our area
All Six Counties – (Bucks, Berks, Chester, Delaware, Montgomery and Philadelphia):
One-family Two-family Three-family Four-family
$420,000 $537,650 $649,900 $807,700
(As of 12/05/2011 FHA Report)
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FHA 203k Inspections
203(k)•Repairs/Improvements Must be at least $5,000
•FHA Consultant Required
•Architectural Exhibits required (if necessary)
•NO upfront funds to contractor
FULL 203(k) VS. 203(k) Streamline
•203(k) Streamline
•Repairs only up to $35,000
•Only for uncomplicated repairs/improvements
•No Consultant required
•No Architect required
•Borrower/contractor can receive up to 50% start up costs
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The Difference between
FHA 203k and Fannie Mae HomeStyleFHA 203k Inspections
The Best Way to Start… Help your buyer understand the possibilities in all
homes (Educational Presentation) Use a home inspector who is also a certified 203k
Consultant Renegotiate based on repair needs that fail FHA
minimum property standards
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The Difference between
FHA 203k and Fannie Mae HomeStyle
Customized Online Reports /Digital Photos 203k Inspectors FREEFREE 30 day Home Inspection Program Estimated Life Expectancy/Replacement Cost Guide 24 Hour Scheduling (Office hours 8 am- 10 pm) FREE 90-day Home and Termite Warranty E & O Coverage for Referring Agents FREEFREE Appliance Recall Checks CEU Training Classes for Agents (4-20 hrs of training)
Why Use Value Home Inspections…
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The Difference between
FHA 203k and Fannie Mae HomeStyle
And our newest feature…
FHA Compliance Inspections
For Your Sellers
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The Difference between
FHA 203k and Fannie Mae HomeStyle
Get your FREE copy today of
Catherine’s new book:
www.majorpurchasemajordecision.com
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The Difference between
FHA 203k and Fannie Mae HomeStyle