Services

I’m a lender- why do I need an FHA Compliance Inspection?

Part of using FHA Financing requires certain criteria that differs from non-FHA Financing. An FHA Compliance Inspection is not the same as an appraisal. Reasons why an FHA Compliance Inspection may need to be completed in order to close escrow can be (but not limited to): – Construction completion of a new built home – Remodeling work done to a home or manufactured home –...

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203K HUD Consultant and the Streamline Renovation Loan

With FHA HUD 203k Renovation Loan there are two types of products; Streamline and Standard (also known as Full 203k). FHA HUD requires the use of a 203k Consultant for a Full or Standard loan product, but does not mandate a consultant as a requirement for a streamline loan product. However some lenders do require the use of a consultant to do a streamline loan even though FHA may not. The 203k...

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A 203k HUD Consultant Provides More Bang for Your Buck

The added benefits of a 203k HUD Consultant.

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What items remain ineligible for the Streamline program?

Properties that require the following work items are not eligible for financing    under the HUD FHA  Streamline 203(k): Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall; New construction (including room additions); Repair of structural damage; Repairs requiring detailed drawings or architectural exhibits; Landscaping or similar site amenity...

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Streamline 203(k) Limited Repair Program

FHA’s Streamlined 203(k) program permits home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.  Actual repair costs will max out around $28k, as...

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FAQ regarding the 203(k) loan

Is there anyone available who can prepare the work write-up? Yes. The work write-up or scope of repairs,  is required to be completed by a HUD-approved 203(k) consultant for the standard 203(k) program.  Glenn Schwartz & Associates is an approved HUD consultant. The work write-up for the Streamline (k) is not required to be completed by a HUD-approved consultant but, the borrower may...

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