FHA is implementing new guidelines for buyer purchasing a brand new home or building a home and doing an FHA loan (loan amount less than $278K). An FHA requires a minimum of 3.5% downpayment but some can obviously put more money down to reduce their monthly mortgage payment. The main changes protect the buyer requiring more inspection and a longer home warranty of 10 years from the builder. While most builders generally provide that and some States already require it you know are mandated to have that by FHA.
Here's the various scenarios. If you have questions about new home construction please send me an email and I will gladly help you.
Requirements for Proposed, Under Construction and Existing < 1yr EFFECTIVE AS OF 02/2010
Proposed & MAR (approved prior to the beginning of construction by either a Conditional Commitment, Early Start Letter, or MAR form 91322 for High Ratio loan)
Building Permit (or equivalent) and C.O. (or equivalent) (except on manufactured home*)
1. Health Authority Approval if needed.
2. Flood insurance (elevation cert noted as SFHA)
** If early start letter is in file – treat as proposed
JP Piccininini is the BROKER/OWNER of JP and Associates REALTORS a real estate company based in Frisco Texas with a philosophy to always exceed its client's expectations. He is a perennial TOP Producer, and a Luxury Home Specialist. He specializes in residential home sales in Frisco, Plano, Allen and McKinney covering the North Dallas market. He can be reached at 469-999-HOME /469-999-4663 or via EMAIL at JP@JPHOMESFORSALE.COM
Author:JP Piccinini Phone: 480-980-9025 Dated: December 22nd 2011 Views: 11,064 About JP: JP Piccinini is an entrepreneur, philanthropist, proud dad and the Founder, Broker and Owner of JP a...
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
Our mission is to provide extraordinary services and exceed our clients’ expectations by always committing to the highest levels of professionalism, ethics and standards in the real estate industry.
JP and Associates REALTORS is a real estate company with a solid structure and foundation built around service and productivity. We believe in providing a fun and rewarding environment for all our REALTORS® and therefore always ready to support our REALTORs® Associates in any market and in any condition. All our REALTORs® will always strive to close more transactions in a given year than the average REALTOR®. Our goal is to recruit and retain the most professional, better trained REALTORs Associates in the local market.
If you are interested in a new career in real estate or already have a real estate license but wish to learn more about our company please contact us directly to set up an interview. We offer our agents a 100% commission plan, company leads, training and mentoring and coaching from TOP Producers with no office, desk fees or monthly marketing fees ever. We are a full service brokerage at a transaction fee cost.
At JP And Associates REALTORS we strive to exceed our Clients AND our Associates expectations.
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Office Number: 1 (800) 683-5651
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