Interest Rates have increased since last Friday. Smart Financial Mortgage now offers the FHA 203k Streamline Loan Program. This program allows a buyer to finance up to $35,000 worth of repairs and upgrades into their loan amount. Eligible improvements include Roofs, HVAC, Plumbing, Electrical, Flooring, Painting, Appliances, Windows, Doors and Kitchen Cabinets just to name a few. Normal FHA qualifications apply and this program may only be used to purchase a primary residence. Many times sellers will drastically reduce their listing price if they think the buyer will not be able to obtain a loan due to the condition of the property. This program can enable a buyer to get a “cash buyer price” while still obtaining financing to buy and fix up the property.
As of 10/31/2008 based on a 200k Primary Residence Purchase (or a no cash out refi), 720+ Credit, Full Doc Income Verification, paying no discount points and no origination fee. Please note, this information is intended for Real Estate Professionals.
95% 30 Year Fixed = 6.5% (Requires PMI)
80% 30 year Fixed = 6.5%
95% 15 Year Fixed = 6.25% (Requires PMI)
80% 15 Year Fixed = 6.25%
97% FHA 30 Year Fixed = 7% (Requires MI)
100% VA 30 Year Fixed = 7% (No PMI required)
75% Stated Income 30 Year Fixed = 7.5%
80% 5 Yr ARM up to $600k = 5.75%
75% 5 Yr ARM up to $1.5M =5.75%
Commercial Financing also available
For more information contact:
Ryan Halldorson
Smart Financial Mortgage
Senior Mortgage Consultant
1715 W Northern Ave. #101
Phoenix, AZ 85021
Phone: 602.793.7204
Fax: 602.889.2258
ryan@hsmove.com