10 Steps to Simplify Closing an Idaho FHA 203k Streamline Home Loan

10 Steps to Simplify Closing an Idaho FHA 203k Streamline Home Loan Mortgage.

Starting an Idaho FHA 203k Streamline mortgage can be daunting for most. How does the Idaho FHA 203k Streamline Process work? Many are confused as to how the program works and what steps are necessary. Below I have outlined the basic steps involved with an Idaho FHA 203k Streamline home loan mortgage.

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.

Michelle Guth
Diversified Mortgage Group
Mortgage Consultant
Direct: 208-853-7878
Michelle@dmgloans.com
ID MBL-5696 / NMLS # 36853 / 36852 / 1850
www.idahohomegroup.com

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Diversified Mortgage Group : 7977 W. Marigold St. Garden City, ID 83714 ID MBL-5696 NMLS-36852/1850 NMLS # 69621 P:208-853-7878 F:208-853-7879