Products:  Rehab-Renovation Products

 2011 Maximum FHA Loan Limits - The maximum FHA loan limits in your area may change.  Check the following links to view the loan limits in your area that are effective January 1, 2011.
 Areas at Ceiling and Above (PDF)
 Areas Between Floor and Ceiling (PDF) 

Most mortgage loans involve "permanent financing." The lender will not release funds for the loan until all property conditions have been met. All repairs must be made and the condition of the property is adequate to provide loan security.

The FHA 203K program gives you incredible flexibility. Here are some of its great features:

• The loan is based on the "projected value" of the property when all rehabilitation work is completed. It includes the cost of the work.

• The loan is eligible for endorsement by Housing and Urban Development (HUD) as soon as the loan proceeds are disbursed and a rehabilitation escrow account has been established. This means the mortgage lender is fully insured by HUD.

• The program can be used for rehab or improvement of an existing one- to two-unit dwelling in one of three ways: 1. Purchase of a dwelling at its current location; 2. Purchase of a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it or 3. To refinance existing liens secured against the subject property and rehabilitate the dwelling.

• The program is used for most improvements other than luxury items. Normally this includes painting, room additions, decks and other items, even if the home does not need any other improvements.

• The mortgage amount, when added to any other existing indebtedness against the property, cannot exceed the applicable loan-to-value ratio and maximum dollar amount limitations prescribed for similar properties under a normal FHA 203(b) program. Downpayment requirements are the same at the 203(b) program.

Call today and let's help turn your future home into your castle!