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FHA 203(k) Program

Arizona FHA Loans: Home Repairs, Which Ones Are Required?

by Justin McHood Arizona Home Financing Options

We have received the “more-than-normal” questions about the FHA 203k streamline program recently – probably due to the high numbers of bank-owned properties that are currently for sale all across the valley.
If you have been shopping for homes, it is no mystery that when a property is currently owned by a lender, often times, it [...]

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Arizona FHA Mortgage Refinance Options: Which Ones Are Real?

by Justin McHood Arizona Home Financing Options

FHA Hope for Homeowners, FHA Secure, FHA Streamline, FHA 95% Cash-out, FHA 203k Streamline, FHA Short Refinance… these are all “real” options for people who are currently in an FHA loan and looking for FHA refinancing options.
Supposedly.
Some are more real than others.
Let’s start with the “most real” FHA refinance programs and identify who can benefit [...]

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The FHA 203(k) Program — The Most Common Repairs

by Justin McHood Arizona Home Financing Options

When considering buying a foreclosed home in Arizona today, it is not entirely out of the question that the home you are looking at might be in need of a few repairs. Or maybe a lot of repairs.

The FHA 203(k) program does not allow luxury items (think $10,000 iron doors) or improvements that do [...]

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The Ten Step FHA 203(k) Application Process

by Justin McHood Arizona Home Financing Options

In my experience, there is no exact application process for any loan! Each person seems to have different timelines and each time someone buys a home it is a little different. But, in general the application process for an FHA 203(k) loan looks like this ten-step process and involves these key players:

The Borrower
The [...]

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The FHA 203(k) Program – How It Is Different From a “Regular” Mortgage

by Justin McHood Arizona Home Financing Options

The FHA 203(k) program is different than most other home mortgage financing options in that the 203(k) loan accounts for the value that the house is *going to be worth* once repairs are done.
There are 3 eligible situations where an FHA 203(k) mortgage can be done:

To purchase a house on a plot of land and [...]

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