We buy distress properties, We Worked with distress property owners to help them short sale their home, We can help you get a letter of pre-approval from a Lender. So you can make offers on available homes in Southern California.
We can get you a pre-approval letter from a Lender or we can get you fha insured financing.
***See below for available federal insured loans***
Type of loans available through The U.S. Federal Housing Administration:
BUYING YOUR FIRST HOME WITH FHA HELP:
203(b) Mortgage Insurance
What is the purpose of this program?
To provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.
What are the eligibility requirements?
Condominium Unit
The Department also permits Section 203(k) mortgages to be used for individual units in condominium projects that have been approved by FHA.
The 203(k) program was not intended to be a project mortgage insurance program, as large scale development has considerably more risk than individual single-family mortgage insurance. Therefore, condominium rehabilitation is subject to the following conditions:
Owner/occupant and qualified non-profit borrowers only; no investors; Rehabilitation is limited only to the interior of the unit.
Only the lesser of five units per condominium association, or 25 percent of the total number of units, can be undergoing rehabilitation at any one time; The maximum mortgage amount cannot exceed 100 percent of after-improved value.
After rehabilitation is complete, the individual buildings within the condominium must not contain more than four units. By law, Section 203(k) can only be used to rehabilitate units in one-to-four unit structures. However, this does not mean that the condominium project, as a whole, can only have four units or that all individual structures must be detached.
For more information email or call:
Daniel Acedo
Founder and Vice President Of "Quick Flip Real Estate Solutions"
San Diego, California.
mailto:[email protected]
Business Line:(858)634-0457
BUYING YOUR FIRST HOME WITH FHA HELP:
203(b) Mortgage Insurance
What is the purpose of this program?
To provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.
What are the eligibility requirements?
- The borrower must meet standard FHA credit qualifications.
- The borrower is eligible for approximately 96.5% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
- Eligible properties are one-to-four unit structures. BUYING A FIXER-UPPER WITH FHA HELP: 203k Rehabilitation Mortgage Insurance The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer's credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.The Section 203(k) program is the Department's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities.
Eligible PropertyTo be eligible, the property must be a one- to four-family dwelling that has been completed for at least one year. The number of units on the site must be acceptable according to the provisions of local zoning requirements. All newly constructed units must be attached to the existing dwelling. Cooperative units are not eligible.
Homes that have been demolished, or will be razed as part of the rehabilitation work, are eligible provided the existing foundation system remains in place.
In addition to typical home rehabilitation projects, this program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit.
An existing house (or modular unit) on another site can be moved onto the mortgaged property; however, release of loan proceeds for the existing structure on the non-mortgaged property is not allowed until the new foundation has been properly inspected and the dwelling has been properly placed and secured to the new foundation.
A 203(k) mortgage may be originated on a "mixed use" residential property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; (2) the commercial use will not affect the health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.
Condominium Unit
The Department also permits Section 203(k) mortgages to be used for individual units in condominium projects that have been approved by FHA.
The 203(k) program was not intended to be a project mortgage insurance program, as large scale development has considerably more risk than individual single-family mortgage insurance. Therefore, condominium rehabilitation is subject to the following conditions:
Owner/occupant and qualified non-profit borrowers only; no investors; Rehabilitation is limited only to the interior of the unit.
Only the lesser of five units per condominium association, or 25 percent of the total number of units, can be undergoing rehabilitation at any one time; The maximum mortgage amount cannot exceed 100 percent of after-improved value.
After rehabilitation is complete, the individual buildings within the condominium must not contain more than four units. By law, Section 203(k) can only be used to rehabilitate units in one-to-four unit structures. However, this does not mean that the condominium project, as a whole, can only have four units or that all individual structures must be detached.
For more information email or call:
Daniel Acedo
Founder and Vice President Of "Quick Flip Real Estate Solutions"
San Diego, California.
mailto:[email protected]
Business Line:(858)634-0457
The United States Department of Veterans Affair Loan Program:
This program is design for veterans. This program is called a "NONO" Loan and is design for Veterans so that can buy a home with No money down and No closing cost. If you are a veteran and wish to buy a home please contact me so I can have one of my licensed loan officers complete a brief questioner.
For more information email or call:
Daniel Acedo
Founder and Vice President Of "Quick Flip Real Estate Solutions"
San Diego, California.
mailto:[email protected]
Business Line:(858)634-0457
For more information email or call:
Daniel Acedo
Founder and Vice President Of "Quick Flip Real Estate Solutions"
San Diego, California.
mailto:[email protected]
Business Line:(858)634-0457