Sunday, October 7, 2012

FHA Housing Loan - 203k FHA Rehab Loan


Every single individual wants and needs a home. A house serves as a person's fortress where he or she can retreat from worldly problems and complications. It serves as a haven for comfort, relaxation, and security. That is why is highly crucial for every single person in this Earth needs to have even just a single house that they could settle in every single day and night... One will have no problem doing that through the use of the 203k FHA rehab loan. This type of loan is about giving its buyers the ability to buy and rehabilitate or renovate a house at a much lesser price than those houses which do not offer an FHA loan.

Those qualified to avail of this type of FHA housing loan must possess and have these important criteria:

Criterion 1: The buying and refining of the FHA house must be its future owner.
Criterion 2: The FHA house and its buyer should engage in non-profit funds.
Criterion 3: Qualified FHA home buyers should not be investors as they are not allowed.

If you are interested in purchasing and rehabilitating/reconstructing an FHA house then it is very crucial for you to follow these seven easy steps for you to get started on using the 203k FHA loan and ultimately own an FHA house:

Step 1: A contract of purchase which is non-contingent must be submitted upon you finding the FHA house you want.

Step 2: Once the contract of purchase have been approved and signed, you should now contact the 203k FHA loan agent and schedule a house tour/inspection and discuss the pricings and specifics of the house.

Step 3: Once all have been settled and dealt with, the 203k FHA loan agent will contact the house lender or mortgage broker and shall work on the three bid packages of the contractors for you.

Step 4: Look for general or multiple contractors to bid for your job.

Step 5: The appraiser will work on the house write-up to determine the value of your chosen house.

Step 6: The loan closes approximately 30 to 45 days in average.

Step 7: The transfer of the house and its renovations will soon take place and be yours.

Truly the 203k FHA loan is a benefit for all of us. Everyone will now be able to own and reconstruct a home thanks to the FHA house loans and services. So go ahead and get your FHA house now.


Article Source: http://EzineArticles.com/2682101