Each month, National Mortgage Professional Magazine will focus on one of the industry’s top players in our "Mortgage Professional of the Month" feature. including the 203(b) FHA loan. In September.
FHA Loans: What is the 203(b) Home Loan Program? If you go to the FHA official site to do some research on your FHA loan options, it can be a bit challenging to navigate the programs-there are a lot of different types of FHA loans to choose from including the 203(b), the 203(k), and many others.
The FHA 203(b) Loan Defined. The FHA 203(b) loan is your standard FHA loan. Any borrower that can meet the FHA guidelines can apply for this loan. It’s synonymous with the term ‘fha loan.’ According to HUD, the goal of the 203(b) loan is to provide mortgage insurance for borrowers buying/refinancing a primary residence. The bank processing the application funds the loan and HUD provides the insurance.
FHA-insured loans have been around since the Great Depression, but the relevance of the loans tends to peak amidst financial crisis. The FHA’s 203 (b) insurance program is the agency’s most widely-used program.
The median home value in Saint Louis, MO is $ 177,000. This is higher than the county median home value of $ 160,000. The national median home value is $ 209,892. The average price of homes sold in Saint Louis, MO is $ 177,000. Approximately 56.5% of Saint Louis homes are owned, compared to 36.5% rented, while 7% are vacant.
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The FHA 203(b) loan program is the most widely used loan program in the country. Purchasing or refinancing, the 203b works well with both first time buyers and seasoned homeowners alike.
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The example below assumes you are financing with an FHA 203(b) loan. The required down payment would be $7,875. Assuming your closing costs are less than the seller has agreed to pay, the total.
That loan is known as the FHA 203(b), the single-family mortgage insurance program most commonly used all over America. According to the FHA official site, the FHA 203(b) "may be used to purchase or refinance a new or existing one-to-four family home in both urban and rural areas including manufactured homes on permanent foundations.
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