The Differences Give you power
203k and Fannie Mae HomeStyle
The Difference between
FHA 203k and Fannie Mae HomeStyle
The Difference between
FHA 203k and Fannie Mae HomeStyle FHA 203k Loans
FHA Insured (MIP/PMI) Must be owner occupied FICO Score 640 Downpayment as low as
3.5% FHA Loan Limitations by
area Maximum 417,000 loan Condo must be on
approved list Two types Streamlined
and Full 203k Cannot be used for luxury
items
The Difference between
FHA 203k and Fannie Mae HomeStyle Fannie Mae HomeStyle
Conventional Mortgage Investor/multiple homes FICO Score 660 Downpayment as low as 5%-
usually higher No Maximum Loan Limit High Balance Loans ($800 K) Condo, any type of property-
no pre-approval Unfinished new construction
Can be used for luxury items- pool, outdoor kitchen
No minimum property standard requirements
The Difference between
FHA 203k and Fannie Mae HomeStyle
Fannie Mae HomeStyle Conventional Mortgage Investor/multiple homes FICO Score 660 Downpayment as low as 5%-
usually higher No Maximum Loan Limit High Balance Loans ($800 K) Condo, any type of property-
no pre-approval Unfinished new construction
Can be used for luxury items- pool, outdoor kitchen
FHA 203k Loans FHA Insured (MIP/PMI) Must be owner occupied FICO Score 640 Downpayment as low as
3.5% FHA Loan Limitations by
area Maximum 417,000 loan Condo must be on
approved list Two types Streamlined
and Full 203k Cannot be used for luxury
items
FHA 203k Inspections
The standard mortgage limits for FHA insured loans in our area
All Six Counties – (Bucks, Berks, Chester, Delaware, Montgomery and Philadelphia):
One-family Two-family Three-family Four-family
$420,000 $537,650 $649,900 $807,700
(As of 12/05/2011 FHA Report)
FHA 203k Inspections
203(k)•Repairs/Improvements Must be at least $5,000
•FHA Consultant Required
•Architectural Exhibits required (if necessary)
•NO upfront funds to contractor
FULL 203(k) VS. 203(k) Streamline
•203(k) Streamline
•Repairs only up to $35,000
•Only for uncomplicated repairs/improvements
•No Consultant required
•No Architect required
•Borrower/contractor can receive up to 50% start up costs
The Difference between
FHA 203k and Fannie Mae HomeStyleFHA 203k Inspections
The Best Way to Start… Help your buyer understand the possibilities in all
homes (Educational Presentation) Use a home inspector who is also a certified 203k
Consultant Renegotiate based on repair needs that fail FHA
minimum property standards
The Difference between
FHA 203k and Fannie Mae HomeStyle
Customized Online Reports /Digital Photos 203k Inspectors FREEFREE 30 day Home Inspection Program Estimated Life Expectancy/Replacement Cost Guide 24 Hour Scheduling (Office hours 8 am- 10 pm) FREE 90-day Home and Termite Warranty E & O Coverage for Referring Agents FREEFREE Appliance Recall Checks CEU Training Classes for Agents (4-20 hrs of training)
Why Use Value Home Inspections…
The Difference between
FHA 203k and Fannie Mae HomeStyle
And our newest feature…
FHA Compliance Inspections
For Your Sellers
The Difference between
FHA 203k and Fannie Mae HomeStyle
Get your FREE copy today of
Catherine’s new book:
www.majorpurchasemajordecision.com
The Difference between
FHA 203k and Fannie Mae HomeStyle