Greater Columbus Ohio Real Estate

Here are the definitions of the property listing codes used on HUDHomeStore.com

Property Listing Codes

• IN – Insured: These properties are eligible for FHA financing under Section 203(b) of the National Housing Act Program (what most people are familiar with as a “standard” FHA loan). The purchaser works with an FHA lender to negotiate the loan terms and interest rate. The mortgage may also include mortgage insurance.
• IE – Insured with Escrow Repairs: Properties labeled “Insured with Escrow Repairs” need repairs or improvements which are required to meet Minimum Property Standards for an FHA mortgage. These repairs may not exceed $5,000.  If the purchaser and lender establish a repair escrow at closing which requires the completion of repairs within 90 days of the closing these properties may qualify for FHA Section 203(b) mortgages. Alternatively, purchasers of these properties have the option to purchase the properties in ”as-is” condition with cash or conventional financing.
• UI – Uninsured: Properties labeled “Uninsured” need certain repairs or improvements which are required to be repaired to be eligible for an FHA 203(k) rehabilitation mortgage. These repairs exceed $5,000. These properties can qualify for FHA Section 203(k) mortgages if the purchaser and lender establish a repair escrow at closing which requires the completion of repairs within 90 days of the closing. Otherwise, purchasers of these properties have the option to purchase the properties in “as-is” condition with cash or conventional financing.

Real Estate Greater Columbus is going through a MAJOR update to serve clients better!

Please be patient as I work diligently to bring you the best real estate information possible on these pages.  If you have any suggestions, please feel free to email me at rich@realestategreatercolumbus.com .

As always, if you wish to reach me, you can call 614-554-7705.