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I’ve been asked this a number of times here in the last 2 months or so, and since I’m preparing to do my second FHA Streamline 203(k), here are the basics of how it works (from HUD). MORTGAGEE LETTER 2005-50 December 29, 2005 TO: ALL APPROVED MORTGAGEES, ALL APPROVED APPRAISERS SUBJECT: Enhancements to “Streamlined (k)” Limited Repair [...] 1. Is there a secondary mortgage market for Section 203(k) mortgage loans? Yes. The Government National Mortgage Association (GNMA) permits the Section 203(k) mortgage to be placed in both GNMA I and II pools with Section 203(b) mortgages. GNMA accepts the 203(k) mortgage once it has been endorsed by HUD. The Federal National Mortgage Association [...] A heads-up to realtors and buyers: the Feds want to help you buy and fix up existing homes. FHA 203K rehab loans are for you, not for someone else. What’s in it for them? They want foreclosure properties and long-listed homes to get into the hands of caring owners. How do they help you? They guarantee mortgages that [...] |
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