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Questions & Answers - Video Detailing The FHA Loan Program

 

 

 

 

 

Types of FHA Loan Programs

 

203(b) loan

This is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines and a maximum loan amount.

203(k) rehabilitation loan

A 203(k) loan enables the homebuyer to finance both the purchase and rehabilitation of a home through a single mortgage. A portion of the loan is used to pay off the seller's existing mortgage and the remainder is placed in an escrow account and released as rehabilitation is completed.

Basic guidelines for 203(k) loans are as follows:

  • The home must be at least one year old.
  • The total property value including the cost of repairs must fall within the FHA mortgage limit.
  • The 203(k) loan must follow most of the 203(b) eligibility requirements.
  • Talk to your lender about specific improvement, energy efficiency, and structural guidelines.
  • Streamline 203(k) is available for simple repairs.

Energy Efficient Mortgage (EEM)

The Energy Efficient Mortgage allows a homebuyer to save future money on utility bills. This is done by financing the cost of energy efficient improvements to a new or existing home as part of an FHA-insured home purchase. The EEM can be used with both 203(b) and 203(k) loans. Basic guidelines for EEM's are as follows:

  • The cost of energy saving improvements must be determined by a Home Energy Rating System or by an energy consultant. This cost must be less than the anticipated savings from the improvements.
  • One- and two-unit new or existing homes are eligible; condos are not.
  • The improvements financed may be up to 5% of property value or $4,000, whichever is greater. The total must fall within the FHA loan limit.

What other loan products or programs does the FHA offer?

The FHA also insures loans for the purchase or rehabilitation of manufactured housing, condominiums and cooperatives. Insurance for Adjustable Rate Mortgages (ARMS) are also available from the FHA. In addition, FHA has special programs for disaster victims along with reverse mortgages for seniors. Ask your lender for details.

Title I loan

Given by a lender and insured by the FHA, a Title I loan is used to make non-luxury renovations and repairs to a home. It offers a market interest rate and repayment schedule. Loans are limited to between $5,000 and $20,000. If the loan amount is under $7,500, no lien is required against your home.

 

Ask your Orlando Home Store Agent for our preferred lender list.