The Fha 203k Loan Program is it the right loan for you?

You found the perfect neighborhood for your family. The school district is superb and it's a short walk to a beautiful park. There are loads of stores and a gym nearby. The major highways are very conveniently located just a mile and half down the road. However, there is one thing missing the perfect home within that subdivision. The only home still available for purchase in that neighborhood is a home that was vandalized. The copper ripped from the walls, flooring and walls have holes and show signs of water damage, the ac unit has been stolen,cabinets in the kitchen are completely destroyed and the home looks as if it is beyond repair. There in the mist of all that disarray is the perfect home for the FHA 203K LOAN.
The 203k loan is a renovation loan. Most of you may have heard it referred to as the rehab loan. The beauty of this loan is if a dwelling has 10% of its remaining structure still standing than it is a potential candidate for this loan.
Eligible properties for this loan are
*Single Family Detached -Primary Residences
*Condos- some requirements with condos
*2-4 unit Unit Primary Residences
*PUD- 1 Unit

Some great features are-
FHA loans are assumable
if you don't have credit scores they can still build alternative credit by using the following trade lines gas bill or other as long as it has been consistent for two years, car insurance and cell phone bills that have been current for 12mo as well as 12mo good leasing history.
even after you close on your home you first payment is not due until 60 days after the home has been completed and you have moved in.
There are no reserve requirements
FHA allows for grants, gifts, and community 2nds that can cover down payment, closing cost and pre-paids
low credit score requirements
low down payment cost about 3.5% of total price.

There are special conditions for this loan on eligible properties
the FHA 203k does not cover luxury items such as gazebos, hot tubs, pools or alteration to support commercial use. Remember this is FHA (owner occupant residential dwelling only)
All work has to be performed by a licensed contractor.
Total cost of improvements is determined in an itemized estimate done by HUD-trained consultants

*Self help is allowed (you doing the work yourself and receiving the funds to complete the work)
however you must be a licensed contractor.
With the self help option there are other rules that apply as well such as a 20% contingency is added (padded cost for the unexpected) it is 10% if the work is being performed by a licensed contractor other than you.
The self help candidate must include labor in repair cost. This ensures you getting paid for your efforts.

If you would like to know more about the FHA 203K rehab loan you can visit the hud website www.hud.gov
you can also contact Sonia Fears a Bank Of America Retail Sales Manager at
sonia.fears@bankofamerica.com

this could be yours!

695 Dot Dr. Atlanta Ga 30349