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Gary Gutter Service

October 31st, 2009 |

Completing your dream home with an FHA 203K loan!

Another challenge to the existing housing inventory in the market is the status of property. If REOs, foreclosures, short sales, or not, fewer people are showing homes for sale in pristine condition.

The 203k FHA loan can help. The 203k can give the buyer the possibility of a loan to buy or renovate their home, at the same time.

Similar to a traditional mortgage loan with a building added in the upper part, the 203k can be used for:

Remodeling bathrooms and kitchens (including integrated appliances)
Replacing a roof, gutters and downspouts
Adding a second floor room of afamily, another bathroom, etc.
Completing a basement or attic
Updated plumbing, heating, air conditioning or electricity
Installing new siding, energy efficient windows and doors
AND MUCH MORE!

It is important to hire a general contractor who is familiar with the 203k process and requirements. Advanced Restoration Corporation, a contractor of 203k, appeared NBC recently in New York on news4 203k loans, together with Continental Home Loans.

Simplifying 203k Loans
You are buying a home that needs minor repairs (repairs under $ 35,000 qualify for a streamlined loan). Incorporating rehabilitation in their mortgage payment allows you to have a single payment. Some highlights include:

No work write-up, no inspection required if repairs are under $ 15,000 and no consultant HUD requires.
Loan amounts up to 110% of appraised value of the dwelling; quantities renewal of up to $ 35,000.
There is no minimum $ 5,000 in repairs to streamline a 203K.
The streamline a 203K, up 50% the amount of rehabilitation can be applied immediately after the close. After closing the work can begin.
To streamline a 203K, there is a maximum of 2 draws per contractor.
Loan can be used in several improvements, including repair / replacement: roofing, plumbing, flooring electricity, minor remodeling, windows, doors, etc.
Available for mortgage refinancing operations including those in which the property is owned free and clear.

About the Author

Gary Matzelle is the Director of Marketing for Advanced Restoration Corporation, which is a property damage restoration company.

Gary works closely with numerous mortgage professionals to execute the 203k loan process. For more information, please contact Gary at (516)903-4107.

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