Can you really do FHA 203k Loans down to 580 Credit Score? YES! HomeBridge is now offering FHA, VA and of course FHA 203k loans with credit scores down to 580.The buyers must meet certain criteria such as the following:
•Maximum loan-to-value is 90% •1-unit property only •Maximum ratios – 31% housing; 43% debt
•No Gifts allowed
•12 month housing history must be verified
•Can you put in a pool with a FHA 203k or Conventional Renovation loan? Yes! With the standard conventional renovation loan you can purchase OR refinance and include the addition of a pool. You can also include fencing, pavers, summer kitchens, sidewalks etc. Pool repairs are also allowed with NO limits, as are dock and bulkhead repairs. NOTE – If your buyers are interested in new construction they can include the pool in their mortgage so the builder does not have to finance the project. CLICK HERE for more on POOLS!
•What does it mean when a property is listed as HomePath Renovation eligible? Properties listed as HomePath or HomePath Renovation eligible are Fannie Mae foreclosures. In addition, the respective product listed on the property simply means you MAY use that product if it is the best choice for the buyer but it does not mean you MUST use that specific loan. Generally, we evaluate all of the renovation loans (and regular loans if the home is in good shape) and choose what is best for the buyer. Fannie Mae cannot make you use a particular product so please call if the agent is telling you that as sometimes its a matter of ensuring you are addressing the property concerns. To See if a property is HomePath or HomePath Renovation eligible visit www.HomePath.com. CLICK HERE