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

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The Difference between

FHA 203k and Fannie Mae HomeStyle