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Here are the following FHA Maximum Loan Limits for 1 – 4 units in California FHA 203K loan limits differ from County to County. So knowing what the Maximum loan amount FHA offers in your area will help you determine the price range of your purchase. This document comes directly from the HUD website.
You can now find 203K Mortgage Lender in the directory of a pretty cool directory of blogs about anything and everything! Here is some news that came out today straight from the Dept of Treasury encouraging Banks to support the FHA 203K! Here is short video on how the FHA 203K can help you buy a property that needs repairs. Whether it’s minor or major, in today’s market this is just what you might be looking for.
Hey there, it’s me Marvin, If you have a question you’d like to ask me just post it here. Your question does not have to be FHA 203K related, it can be general FHA or Conventional questions as well. I receive all comments & questions personally and I will answer your question the best to my ability. So if you have a question scroll down to the bottom of this page and type your question in the “Leave a Reply” box and press “Submit” Talk to you soon!Marvin Hernandez “Your FHA 203K Mortgage Lender”
Today, I had two different people ask some very good questions regarding FHA financing that I thought I’d share. Read on… Q. Is there no way to buy with less that 10% down? I keep getting passed over by someone with more cash! A. Don’t give up just use another tactic. Typically properties that have just hit the market are the hottest so why not take a look at the one’s that have been on the market longer? Those properties would be more negotiable and can be an opportunity for you. So putting down less than 10% would no longer be as big of an issue and you can even go with the minimum FHA down payment of 3.5% Bottom line avoid the turn key properties and look for that diamond in the rough.
Q. What does it mean when a home is not qualified for FHA financing? I am approved for a FHA loan. Some of the homes that I have been interested in will not accept FHA financing. A. There can be two reasons why a property doesn’t “qualify” for FHA financing. 1) the Seller is just looking for Buyers who can put down a larger down payment and figures a Conventional loan would close faster and easier or 2) the Seller is under the impression that the property won’t qualify for a standard FHA loan due to deferred maintenance that they aren’t willing to fix If it’s reason (1) then there’s not much you can do until the property sits on the market for awhile and the Seller has a change of heart. But if it’s reason (2) then you and those who represent you need to explain to the Seller that you plan to use the FHA 203k and not a standard FHA 203B loan. With the FHA 203K you no longer have the problem of the property not qualifying. And now the Seller doesn’t have to make those repairs they were concerned about. Until next time Marvin So this week I’m launching my new promo on the FHA 203K because I want everyone to know about the opportunities that are out there. So check it out it’s a short sweet little plug.
This is the first blog post for 203K Mortgage Lender. Here you will find Q&A, Tips and Updates about the FHA 203K Loan as well as other Real Estate and Mortgage related topics. I hope you find this blog helpful and if you would like more information you can download my free guide about the FHA 203K loan at my website www.203kmortgagelender.com or contact me at (888) 788-9398 ext. 203 or Marvin@203kMortgageLender.com Hope to talk to you soon Marvin Hernandez
My Podcast Alley feed! {pca-bf8379173d85ad8d8bf65e10eeedc36d}
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