May we use the program on a loan that contemplates financing more than the purchase price of a home to, for example, allow a potential borrower to rehab or renovate the property?
At the present time, the Treasurer has placed a moratorium on guaranteeing program loans that include renovation work. However, the guarantee may be used for the portion of a home loan that reflects only the purchase price of the home, and your institution may consider extending additional loan amounts – not covered by the guarantee — to finance renovation work.
Related Questions
- May we use the program on a loan that contemplates financing more than the purchase price of a home to, for example, allow a potential borrower to rehab or renovate the property?
- I built a system on the Dell Home Sales web site and built a system on the Member Purchase Program web site, and my price comes out cheaper in Dell Home Sales. Why is that?
- What if the average home price is above the FHA loan limit for my area. Are the FHA loan limits changing for this program?
