FHA 203KS Rehab

Buy Your Dream Home & Include Repairs and Upgrades in the Loan !!

FHA MORTGAGE LOANS ARE SAFE, SECURE AND AVAILABLE

in 15 and 30 Year notes at Low Interest Rates

3.5% Down Payment Buys Any Qualified Home !!

OR

Buy A HUD Owned Foreclosure for Only $100 Down Payment.

CALL TOLL FREE 866-311-0248 ext 201

For Mortgage Amount Limits in Your Area and a List of HUD Owned Homes in Maricopa, Mohave, La Paz, Yuma, Coconino, Yavapai, Pima, Santa Cruz, Pinal, Gila, Navajo, Apache, Greenlee, Graham and Cochise County

It is FREE with NO Obligation

203K WHAT IS IT and How Does it Work ?

In a nut shell: with the 203k Streamline loan you can include up to $35,000 with a minimum of $5000 for repairs and up grades when you buy a home that will be your primary residence or if you want, refinance your existing home without any cash back.

The process is as follows you find a house that needs work. When your purchase offer is accepted you will get with a contractor who will give you an itemized estimate for the work to be done. This estimate is given to an FHA approved appraiser who will provide us with a current “as is” property value and an after repairs value. The appraiser lists all the repairs to be done in the appraisal and submits this to thee lender.

The lender then gathers the contractor bids with the appraisal as well as other related documentation combines this with your mortgage application with supporting documentation and submits that to the underwriter. The underwriter reviews the loan package and if everything is correct with the bids/appraiser and you qualify for the loan amount. We have an approval; you go to the title company and sign your loan documents.This process can take up to 60 days from the purchase contract date because of the coordination of buyers with contractors and appraisers.

About 10 to 15 days later after the loan has been set-up in the system a check for 50% of the repair cost is issued. When the work is complete the other 50% is issued. If repairs exceed $15,000 then an inspection by the appraiser is required to verify the work is done.

Your down payment of 3.5% is based on the final loan amount with repair costs included and the down payment can be a gift from a relative or a non-profit. Seller contributions to pay closing costs is limited to 6% of the purchase price.

Mortgage Qualification

Qualifying for the Streamline k is the same as qualifying for a regular FHA mortgage. Under FHA guidelines, the lender must determine that the borrower has the "ability and willingness to repay" the mortgage and that the property being mortgaged is sufficient collateral for the loan. There are no income restrictions.

What Improvements Can I Make:

1. Repair/Replacement of roofs, gutters and downspouts

2. Repair/Replacement/upgrade of existing HVAC systems

3. Repair/Replacement/upgrade of plumbing and electrical systems

4. Repair/Replacement of flooring

5. Minor remodeling, such as kitchens, which does not involve structural repairs

6. Painting, both exterior and interior

7. Weatherization, including storm windows and doors, insulation, weather stripping, etc.

8. Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens

9. Accessibility improvements for persons with disabilities

10. Lead-based paint stabilization or abatement of lead-based paint hazards

11. Repair/replace/add exterior decks, patios, porches

12. Basement finishing and remodeling, which does not involve structural
repairs

13. Basement waterproofing

14. Window and door replacements and exterior wall re-siding

15. Septic system and/or well repair or replacement

What Can I NOT Do:

1. Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall;

2. New construction (including room additions);

3. Repair of structural damage;

4. Repairs requiring detailed drawings or architectural exhibits;

5. Landscaping or similar site amenity improvements;

6. Any repair or improvement requiring a work schedule longer than six (6) months; or

7. Rehabilitation activities that require more than two (2) payments per
specialized contractor.

A borrower may not use the Streamlined k program to finance any required repairs arising from the appraisal that do not appear on the list of Streamlined k Eligible Work Items listed above or that would:

1. Necessitate a "consultant" to develop a "Specification of Repairs/Work Write-Up"

2. Require plans or architectural exhibits;

3. Require a plan reviewer;

4. Require more than six months to complete;

5. Result in work not starting within 30 days after loan closing

6. Cause the home buyer to be displaced from the property for more than 30 days during the time the rehabilitation work is being conducted. (FHA anticipates that, in a typical case, the mortgagor would be able to occupy the property after mortgage loan closing).

Eligible Properties

Generally speaking only owner-occupied one-to-four unit properties are eligible under the FHA Streamline 203 k Limited Repair Mortgage Program.

Call 1-866-311-0248 ext 201 for information OR go to my secure and FREE application and

Freedom Mortgage - 21043 N Cave Creak A-14 - Phoenix, AZ 85024
Office: (602) 996-2274 Fax: (602) 412-4482
Cell Phone: (602) 684-0866

Arizona Mortgage Bankers License: BKBR-0114323

The best home loan/mortgage FHA, VA, USDA, NO DOWN, LOW DOWN and conventional 10.15,20,30 year programs available with low interest rates in your area of Maricopa (Phoenix, Mesa, Tempe, east, west, north, south, valley), Mohave(Bullhead, Kingman, Lake Havasu), La Paz (Quartzsite, Parker) ,Yuma(San Luis, Somerton),Coconino(Flagstaff, Sedona),Yavapai, Clarkdale, Cottonwood, Prescott, Sedona), Pima (Tucson, Green Valley), Santa Cruz (Nogales, Rio Rico), Pinal (Apache Junction, Casa Grande, Coolidge, Florence, Superior), Gila (Globe, Miami, Payson), Navajo (Heber, Lakeside, Pinetop, Showlow), Apache (Alpine, Eager, Springerville), Greenlee (Morenci, Clifton),Graham (Safford, Thatcher), Cochise (Douglas, Sierra Vista, Wilcox)

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