Jerrod Butler

You can buy a house with an FHA 203k loan to Acquire and Rehab a property.  The basic FHA eligibility requirements apply such as the minimum 3.5% (of purchase price) down payment requirement.  Also the minimum 620 mid FICO score is required by most all lenders for these types of FHA loans. The 203(k) Rehabilitation Mortgage Program is the official name of this program and it is offered through the FHA (Federal Housing Administration) which is part of HUD (U.S Department of Housing and Urban Development). Links to direct detailed information from HUD are provided below. 203(k) – Rehab Program Description This loan provides funds for the acquisition and rehabilitation which can be repairs and improvements. The Streamlined version of the 203k is the most common and applicable sub-set of the program … Read More

We have the question come in frequently, “Do All FHA loans require Mortgage Insurance?” …And if so for how long. The short answer is “Yes” Mortgage Insurance is required on All FHA loans. This is effective for all mortgages with FHA case numbers assigned on or after June 3, 2013. Although we are not Mortgage Brokers, we get questions like this from our clients when we help them buy and sell homes, so we understand why this question gets asked. We realize the real question is “What’s the best lender or loan to keep my monthly payments as low as possible?” FHA loans are great if you don’t have much down payment money and you are not otherwise eligible for … Read More