Perry Farella

[...] here in a concise format. Please send me any of your own questions on 203k rehab mortgages to Perry Farella at pfarella@amerifirst.com. With an FHA 203K if I put 20% down do I still pay mortgage [...]

[...] this new 3% down option with PMI. The post New Mortage Options For Condos appeared first on Perry Farella. [...]

[...] at this time. The post How to Pay a Short Sale Negotiator Fee at Closing appeared first on Perry Farella. [...]

[...] a 95% Efficient Furnace qualifies for both PowerSaver & Utility dollars appeared first on Perry Farella. [...]

[...] Homestyle uses the future renovated value of the property as a basis for the amount of the renovation funds, not what the property is worth today or purchased for today. An example might be a home [...]

[...] a refinance loan to retrofit a home for a handicapped individual. 13. How is the amount of renovation funds determined in a 203K loan ? The 203K mortgage calculation is based on the Lesser of the [...]

[...] you may have! The post Buying a Short Sale Home using an FHA 203K Streamline or Homestyle Renovation Loan appeared first on Perry Farella. [...]

[...] later the major projects can go forward. Any loan can be refinanced with a 203K or a HomeStyle renovation loan in the future to complete “Phase Two”, even an existing 203K. What questions can I [...]

[...] for both home buyers and home owners needing funds to rehab or remodel a property. A Homestyle renovation loan can be used to both purchase a property or refinance a property already owned. Even [...]

[...] As a Chicago 203k lender I hear often from Realtors when I speak to them about FHA 203K renovation loans and other types of rehab loans  that they don’t like them and will not suggest them to their [...]

[...] Clients and Realtors in the Chicago area often ask me questions on FHA 203k renovation loans so I thought I would take the top 20 and present answers here in a concise format. Please [...]

[...] like credit score, income etc. as in any mortgage loan to learn what with Homestyle the private mortgage insurance (PMI) cost would be monthly or paid in one single lump sum premium would be in this [...]

[...] How to pay Private Mortgage Insurance PMI entirely at closing when buying a new home The answer is Yes  you can pay off all [...]

[...] six (6) months of mortgage payments, property tax escrow, insurance escrow and even any private mortgage insurance. This aspect of Homestyle can be very helpful in that many people may not be able to [...]

[...] asked what information and documents are needed to apply for and approve any type of mortgage loan. While that can vary depending upon if an applicant is self-employed, retired, paid [...]

[...] . (337,500/390,000 = 86.5%) I would consider details like credit score, income etc. as in any mortgage loan to learn what with Homestyle the private mortgage insurance (PMI) cost would be monthly or [...]

[...] 18. Is a 203K one loan or two separate loans when purchasing a property ? A 203K is always one mortgage loan with the purchase price and renovation funds combined. The renovation funds are held in an [...]

[...] loan to borrow renovation funds and pay off the current mortgage to replace it with the Homestyle mortgage. Lets say this owner currently has a $200,000 mortgage on the house from its purchase 5 [...]

[...] unit INVESTMENT rental property. Here a major difference with FHA 203K in that a Homestyle renovation mortgage loan can be used to buy or refinance a primary residence, a vacation home (second) or an [...]

[...] of the existing mortgage be for $200,000. In this way Homestyle can be used as a refinance renovation mortgage. I hope this has been helpful and I’m always happy to answer questions. My email [...]