This week Wes has a great program for fixer uppers. This is a way to get money for repairs or upgrades when you buy the home, so you immediately have the funds to get the work completed ASAP. Great for first time buyers and Owner Occupied Real Estate. Check out this video to learn all the details. Wes Moore does Albuquerque mortgage loans and does them right! 23 years LOCAL experience.
The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer’s credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.
The FHA 203K Rehab Loan Albuquerque program is the Department’s primary program for the rehabilitation and repair of single family properties.
As such, it is an important tool for community and neighborhood revitalization and for expanding home ownership opportunities. Since these are the primary goals of HUD, the Department believes that FHA 203K Rehab Loan Albuquerque is an important program and we intend to continue to strongly support the program and the lenders that participate in it.
Many lenders have successfully used the FHA 203K Rehab Loan Albuquerque program in partnership with state and local housing agencies and nonprofit organizations to rehabilitate properties. These lenders, along with state and local government agencies, have found ways to combine FHA 203K Rehab Loan Albuquerque with other financial resources, such as HUD’s HOME, HOPE, and Community Development Block Grant Programs, to assist borrowers. Several state housing finance agencies have designed programs, specifically for use with FHA 203K Rehab Loan Albuquerque and some lenders have also used the expertise of local housing agencies and nonprofit organizations to help manage the rehabilitation processing.
The Department also believes that the FHA 203K Rehab Loan Albuquerque program is an excellent means for lenders to demonstrate their commitment to lending in lower income communities and to help meet their responsibilities under the Community Reinvestment Act (CRA). HUD is committed to increasing home ownership opportunities for families in these communities and FHA 203K Rehab Loan Albuquerque is an excellent product for use with CRA-type lending programs.
Work can include the following:
A) structural alteration and reconstruction
B) changes for improved functions and modernization.
C) Elimination of health and safety hazards
D) Changes for aesthetic appeal and demolition of obsolescence.
E) Redecorating or replacement of plumbing.
F) Installation of well and/or septic system.
G) Roofing, gutters, and downspouts.
H) Flooring, tiling and carpeting
I) Energy conservation improvements
J) Major landscape work and site improvements.
K) Improvement for accessibility to a disabled person.