Lowering Your Interest Rate with a VA Loan

I am available to talk with you about a loan refinance and how much you can save each month. From there you can decide if an interest rate reduction refinance is right for you!

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Refinancing your FHA Loan & Lowering your Interest Rate

Refinancing your current FHA loan is easy, streamlined and may lower your interest rate. When you choose an FHA Streamline Loan, you can refinance your existing FHA-insured loan with less paperwork and lower costs than with other home loan refinancing solutions. Plus you may qualify with no appraisal! See the requirements below!

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Mind Your Money

Mortgage rates are extremely low! I am here to help you finance your dream home or manage the current loans and/mortgage you have. Let me help you save money!

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Which Properties are Eligible for a 203(k)?

Which Properties are Eligible?

The FHA 203(k) Program 


1.         Any one to four unit properties which have been completed (with a certificate of occupancy) for at least one year and are acceptable according to the provisions of local zoning requirements.


2.         Homes that have been demolished or razed as a part of the rehabilitation process can be rehabbed as long as part of the original foundation remains.


3.         A home can be moved onto a foundation on the mortgaged property, provided the proceeds from the sale of the previous location are not released until the foundation is properly inspected and the home is satisfactorily attached to the new foundation.


4.         Property conversions.  The buyer can convert a property from single family into a 2-4 unit, or from a 2-4 unit to a single family unit.  The max is a 4 unit property.  One unit must be owner occupied.


5.         A manufactured home that was built AFTER June 15, 1976, and has been on a permanent foundation for over one year. The unit must have been delivered to the site when it was new, prior to being occupied.


6.         A 203(k) can be used on a "mixed use" residential property provided it meets the following requirements:

*   The floor space used for commercial purposes does not exceed...

*   49% for any Mixed Use Residential Building

*   The commercial use does not affect the health and safety of the occupants

*   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.


7. Cooperatives are NOT eligible.

© 2019 All Rights Reserved  Cedric Johnson

What is a 203(K) Loan?


What is a 203(k) Loan?

The FHA 203(k) allows a borrower to include the repair/improvement costs in the loan amount on either a purchase or refinance with one closing.  The funds for repair/improvement are held in escrow, to be released when the work is completed.  The   mortgage amount is based on the projected value of the completed project.   Encouragement from FHA makes this loan easier AND faster to close than ever before.

The 203(k) Advantage

  • Finance up to 6 months mortgage payments (PITI)

  • Special HUD down payment programs

  • Eligible for Energy Efficient Mortgage

  • An FHA assumable mortgage

  • One-to-Four Family Dwellings

  • Standard FHA Down payment programs apply

  • Purchase or Refinance

  • Assumable FHA Insured Loan

  • All rehabilitation work is completed after loan closing


 © 2019 All Rights Reserved  Cedric Johnson