Download the PowerSaver Buyer's Guide

Do you want to make energy efficient upgrades to your house to save on your monthly utility bills? You could even get closing costs paid (an average of about $2,000) on the mortgage!

The PowerSaver Grant from FHA can help home buyers and homeowners make eligible energy-efficient upgrades to a house, and qualify for closing costs to get paid by AmeriFirst Home Mortgage. This buyer's guide walks you through the process, so you can decide whether the PowerSave Grant is right for you

Download the PowerSaver Buyer's Guide

Daily Articles Emailed

Your email:

We're Social!

The AmeriFirst Blog | Your Home Buying Resource Center

Current Articles | RSS Feed RSS Feed

Streamline FHA 203k: Pass a HUD Inspection

 

fha inspectionThe Streamline 203k can help the house you want pass the HUD inspection required for FHA loans. The following list is a general idea of HUD requirements a home inspection may uncover. While each item may seem fairly small, adding them up will tally up quite a bill. Paying for them by financing the purchase with an FHA 203k Streamline will help spread the cost of it all over the life of the mortgage loan.

  • Peeling or chipping paint
  • Any signs of mold or mildew
  • All windows must open freely and close completely
  • Handrails must be installed if there are more than 3 steps
  • There should be at least 2 years left in the life of the roof
  • Missing fixtures in bathrooms or kitchen
  • Exposed wiring
  • Dampness or water in the basement
  • Missing built-in appliances

With the FHA 203k, you have 2 choices. You can utilize the Full 203k or the 203k Streamline. A Full 203k covers projects which total more than $35,000 or structural repairs. It also requires a HUD consultant. The Streamline 203k doesn't require a consultant (although working with an experienced professional is generally a good move) and it does not cover structural repairs. The full list (though not all-inclusive) for 203k Streamline FHA Minimum Repairs can be found online. Feel free to print that off and use it to decide whether the house you're looking at is a good candidate for the FHA 203k.

Learn more about renovation mortgage options like the FHA 203k with the free eBook "The Ultimate Guide to Home Improvement Loans." You can download the guide at the button below.

get-the-home-improvement-loans-guide

(clipboard picture: Flickr user tracywoolery)

Comments

Artical is very well done for the consumer. If loan officers and realtors would read this it would make my job easier. 
 
F. Patrick Hud approved, FHA approved, InterNachi member, and contractor for 40 yrs. Palm Springs inspector
Posted @ Wednesday, October 10, 2012 7:57 AM by F. Patrick
Post Comment
Name
 *
Email
 *
Website (optional)
Comment
 *

Allowed tags: <a> link, <b> bold, <i> italics

Most Popular Posts

Latest Posts

Blog Directory Listings

MI Mortgage Brokers and Loan Officers

Real Estate Blogs Directory - Directory of real estate blogs and blogs of industries affiliated with and serving the real estate industry.

AmeriFirst Home Mortgage
950 Trade Centre Way, Suite 400 Kalamazoo, MI 49002
Phone: 800.466.5626
NMLS ID 110139
A Division of AmeriFirst Financial Corp.
Equal Housing Lender