The Webs First FHA 203k Loan Calculator – Determine Loan Amount, Rehab Escrow Account, Mortgage Payment, and 203k Type
Understanding the parameters of the FHA 203k Loan calculation is difficult not only for Loan Officers who have yet to process a FHA 203k Loan, experienced Realtors, and even educated home buyers. To help facilitate a greater understanding of the FHA 203k loan program Rehab203kLoan.com provides users with a renovation loan calculator that determines:
- Final loan amount based on a purchase price and renovation proposal(s)
- Renovation or rehab budget held in escrow to be used to fund the property repairs post-settlement
- Down payment requirements
- Monthly mortgage payment broken down by principal and interest, monthly mortgage insurance (based on case numbers ordered after April 18, 2011), and escrows, such as property taxes and homeowners insurance
- Whether the loan will need to be treated as a Streamline FHA 203k Loan or a Full FHA 203k Loan
The FHA 203k Loan Calculator recommends if the loan needs to be treated as a Streamline 203k Loan or a Full 203k Loan. The break point between a Streamline FHA 203k Loan and a Traditional or Full FHA 203k Loan is predicated upon two variables:
- Whether the required FHA 203k loan renovation or rehab escrow account is over $35,000; and/or
- Does the FHA 203k loan renovation project impact the physical structure of the property, such as moving a load bearing wall, adding an addition, or repairing termite damage
To learn more about your financing options through the FHA 203k Renovation Loan Program complete a contact form or call (866) 747-2882 to speak to your Nationwide FHA 203k Renovation Loan Experts.
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