What is 203b eligibility?

Posted on Aug 6, 2012 in FHA Information

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Question by : What is 203b eligibility?
So my husband and I just bought a house with an fha mortgage in April. We just got this letter from CBC national bank that says it’s a notification of 203b eligibility and that we can lower our mortgage rates and may be eligible for an MIP refund. Does anyone know anything about this? Is it legit or just someone trying to get us to refinance. It says that it is a Mortgage rate reduction program through FHA… No Idea what any of this means. Any advice would be appreciated. Thanks
Lol I’m not Paul, cialis 40mg I’m Paul’s wife. I just saw the name Paul and noticed I put “my husband and I” oopsie

Best answer:

Answer by Venita Peyton
Since you just purchased in April (2011) I doubt that you’d be eligible to be removed from paying MIP this soon. See the FHA website below.

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One Comment

  1. When you purchased your house you were immediately placed on several lending institutions mailing list. You will continue to receive these type notices about refinancing and getting your MIP returned to you.

    MIP is sort of like PMI, when you pay off a mortgage loan through a refinance your previous lender would have to pay you any overage in this fund. You would also, in most case not have to pay a monthly mortgage payment for a month or two. This is another marketing tool used by potential lenders.

    A 203B mortgage is one that would allow you to borrow money for fix up of your current home. Again this ia a potential lender marketing tool.

    Mortgage interest have fallen in the past few months. There is a possibility that you might be qualified for a lower interest rate even though you have owned a short period of time. Your credit score might have increased, thus you could be qualified for a lower interest rate.

    Most are legit and would do good by you. You would have to figure if a refinance would be in your best interest financially.

    Simply because you receive a refinance offer in the mail, you are not obligated to take them upon their offer. You might throw the advertisement in your trash can. There are many things you would be solicited for now t hat you are homeowners. You would receive such advertisement from insurance companies to cover your house in the event of a fire, as well as one to cover the appliance and air conditioner in your house in the event one would need repaired, to those that would want to give you an estimate on the cost of repairing your roof.

    Aren’t home owners lucky to be desired by all these people that would want to help you. Apartment renters should be so lucky.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”