Resources for
Houses 918, LLC
RESOURCES
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NOTICE TO PERFORM DUE DILIGENCE
The information provided in this section is for informative purposes only, and not an offer to provide lending services. While we make every attempt to ensure the accuracy of this information, you are encouraged to confirm the accuracy of its contents. Links to external sites are provided as full URL's so that you have the confidence of knowing that you are being directed to valid websites.
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Quick Links:
​FEMA Flood Map Service Center
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FEMA FLOOD MAP SERVICE CENTER
Search by Address
Search the Federal Emergency Management Agency (FEMA) website to find out if an address is in a high risk zone or not.
https://msc.fema.gov/portal/search
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GOVERNMENT LOAN PROGRAMS
The U.S. Federal Government offers several loan programs specifically designed to assist homeowners wishing to make renovations to their current or prospective new homes. While there are quite a few loans available, we have identified a few here that specifically relate to assisting our clients.
The loans we will discuss are the FHA 203(k) loans and the USDA Rural Development loans. As with any government program, the information online is a bit overwhelming, and the process seemingly a bit daunting, but no worries, we have broken it down into the basics for you here.
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For assistance please call/text us at (918) 928-5657.
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FHA 203(k)
The Federal Housing Authority (FHA) offers an affordable means to home ownership with its 203(k) loans.
Depending upon the extent of the project, the FHA 203k loan can be used for fairly minor repairs or updates, to extensive renovations or even new construction. The loan program has two versions, the "Limited" and "Standard".
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Limited 203(k)
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Can be used for less extensive repairs that are non-structural in nature like minor remodeling, home improvements, energy efficient improvements, new appliances, or replacing dated carpeting.
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Non-structural work up to $75,000 (Recently Increased)
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No minimum amount for repair costs
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FHA-approved 203(k) Consultant is optional
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Standard 203(k)
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Can be used for a home that requires structural repairs or major remodeling, including improvements to increase energy efficiency or help protect your home from natural disasters.
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Major rehabilitation or repairs
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No maximum amount of renovation costs
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Minimum repair cost of $5,000
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FHA approved 203(k) Consultant is required
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Click the link below to download a 203(k) loan consumer information sheet provided by the Federal Housing Authority (FHA):
https://95136197-dd26-469d-a2d5-398e7544c833.usrfiles.com/ugd/951361_d67e27482e314c40ae58b8102fb0321b.pdf
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Click the link below to be directed to the FHA 203(k) loan program page for a more details about this program:
https://www.hud.gov/program_offices/housing/sfh/203k/203k--df
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For assistance call/text us at (918) 928-5657.
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USDA RURAL DEVELOPMENT
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Before you get too far down the road of digging into the USDA Rural Development programs, it's important to determine if the property you're interested in is within an eligible area, as determined by the USDA guidelines.
The Property Eligibility Mapping Tool is where the user can enter a property address, the system geocodes and locates the property and then determines if the property is located within an eligible area for the program selected.
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Click the link below to be directed to the Property Eligibility Mapping Tool:
https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp
Single Family Housing Direct
Section 502 Direct Loan Program
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What is the Single Family Housing (SFH) Direct loan?
Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.
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Purchase or build with no money down in eligible rural areas
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Low or Very-Low Income
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Typically 33-year term with payment assistance available
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Apply directly with Rural Development
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What is the interest rate and payback period?
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Effective July 1, 2024, the current interest rate for SFH Direct home loans is 4.875% for low-income and very low-income borrowers.
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Fixed interest rate based on current market rates at loan approval or loan closing, whichever is lower.
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Interest rate when modified by payment assistance, can be as low as 1%.
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Up to 33 year payback period - 38 year payback period for very low income applicants who can’t afford the 33 year loan term.
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Download the SFH Direct Loan fact sheet:
https://www.rd.usda.gov/sites/default/files/fact-sheet/508_RD_FS_RHS_SFH502Direct.pdf
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For assistance call/text us at (918) 928-5657.
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Single Family Housing Guaranteed
Section 502 Guaranteed Loan Program
What is the Single Family Housing (SFH) Guaranteed loan?
The Section 502 Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers – so no money down for those who qualify!
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Purchase or build with no money down in eligible rural areas
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Moderate Household Income
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30-year fixed rates. Refinance options available
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Apply through an active lender
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Download the SFH Guaranteed Loan fact sheet:
https://www.rd.usda.gov/sites/default/files/usda-rd-fs-rhs-sfhglp-04262024.pdf
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For assistance call/text us at (918) 928-5657.