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NEW FHA RENOVATION MORTGAGE LOAN GUIDELINES

NEW FHA RENOVATION LOAN GUIDELINES

Many home buyers are getting great deals on short sales and foreclosures here in Tampa, however these homes usually require updates and renovations.

With these new rehab loans offered by Wells Fargo, you can turn your newly purchased home into the house of your dreams

with little or no money out of pocket!

Even better, you only have to have a minimum credit score of 600 to qualify!

REMODEL EXPRESS

REPAIRS UP TO $35,000

LOWES OR HOME DEPOT TO DO ALL REPAIRS

NO STRUCTURAL REPAIRS ALLOWED

CLOSE IN 30-45 DAYS


Want to add a pool? Then these 203K financing options may be for you!

203k STREAMLINE

REPAIRS UP TO $35,000

PICK UP TO 4 DIFFERENT COMPANIES TO DO THE WORK – ALL MUST BE LICENSED AND CARRY INSURANCE –EXAMPLES – ROOFER, PLUMBER,

NO STRUCTUAL REPAIRS ALLOWED

CLOSE IN 45-60 DAYS

203k – Full blown

NO LIMIT ON REPAIRS

STRUCTUAL REPAIRS ALLOWED

1 LICENSED GENERAL CONTRACTOR

HUD CONSULTANT REQUIRED

CLOSE 90-120 DAYS

CONVENTIONAL MORTGAGE

STRUCTUAL REPAIRS ALLOWED

THIRD PARTY REVIEW PROCESS

1 LICENSED GENERAL CONTRACTOR

CLOSE 60 DAYS

So, what’s the next step?  You’ll need to get pre-qualified to find out what you can afford.  A mortgage specialist can go over all the details of this, and many other financing options available to you.  Shoot us an email here

You may also want to read the New FHA Lower Minimum Credit Score Guidelines and Information here.

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Written by Rae Catanese, Realtor

Licensed Realtor since 2002, Tampa Bay’s own Rae Catanese regularly gives expert advice and insider tips about the Tampa Bay real estate market via her blog, The Tampa Real Estate Insider. If you are thinking of buying or selling a home in the Tampa, St. Petersburg or Clearwater areas-then this blog is for you. I typically post articles once a week. To make sure you don’t miss my newest posts, you can subscribe here! Have a real estate question? Email me here!

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