10 Simplified Steps to Closing an Idaho FHA 203k Streamline Home Loan Mortgage.
There seems to be a lot of confusion as to the process involved with an Idaho FHA 203k Streamline Home Loan Mortgage. Below I have outlined the process in order to simplify the steps involved and make it easier to grasp and understand the FHA 203k Streamline Home Loan as a whole.
1. Get Pre-Approved
2. Find Property
3. Make offer on property
4. Get a General Contractor to bid out the repairs for you.
5. Once offer is accepted we will submit accepted property offer along with general contractor bids and general contractor resume/paperwork
6. Underwriters review your required information W-2’s, pay stubs, etc. and general contractor information and bids.
7. Appraisal is ordered as subject to completion (meaning appraisal is done as though the repairs have already been made)
8. After Underwriters sign off on documentation they received and appraisal we go to closing at title company
9. Get keys to house after closing/funding and you move in.
10.Once you close on the loan and move into the house the general contractor must start work within 30 days and complete project within 180 days. General contractor will get half of what it will cost to do the work up front then after all work has been completed the appraiser or inspector will come out for a final inspection to make sure all work has been completed. After final inspection the general contractor will receive the other half of the money for the project.
The Idaho FHA 203k Streamline loan has basically the same credit and qualifying requirements as a standard (203b) FHA mortgage loan the major difference involved is that there are repairs on the property that the borrower wants or needs made to the property.
The Idaho FHA 203k Streamline loan is great for fixing up properties for individuals looking to fix up there primary residences.
If you have any questions pertaining to the Idaho FHA 203k Streamline Home Loan I would be more than happy to answer them for you.
Andy Radke
Mortgage West
Mortgage Consultant
Direct: 208-859-5825
LoanswithAndy@gmail.com
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