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A great construction loan

 Are you thinking of remodeling?

Want to purchase a fixer upper and get money to fix it up?

 

Rehab a Home w/HUD's 203(k)

The section 203(k) program was designed by HUD to help in community and neighborhood revitalization and for expanding homeownership opportunities. The program requires just one mortgage and one settlement. It may be used for a purchase or a refinance. The mortgage amount is based on projected value enabling funds for improvements. 

Eligible properties are one to four family dwellings that have been completed for at least one year. Homes that have been demolished are also eligible providing some of the existing foundation system remains in place. Single family dwellings may be converted up to a four family dwelling under 203(k) guidelines. An existing house (or modular unit) on another site can be moved onto the mortgages property. Even mixed use properties are ok under 203(k) guidelines with certain provisions.  

Three allowable uses -

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To purchase a dwelling and the land on which the dwelling is located and rehabilitate it.

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To purchase a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it.

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To refinance existing liens secured against the subject property and rehabilitate such a dwelling.

 

To find out your county loan limits click here

 

If you are considering any remodel work on your current property OR if you are interested in purchasing a home that needs work, consider the Fha 203(k) program.

 

*** Most lenders and banks claim to be experts on this loan yet have very little understanding of it.  

 

Three questions to ask your lender -

     +  How many 203(k) loans have you and your lending institution closed?

     +  Who is responsible for disbursing the funds?

     +  Do you offer just the streamline? Do you offer the full 203(k)?

 

MORTGAGE ADVICE - PROBLEM SOLVER 

 

High Quality Advice - Proven Results

             

contact me directly - 301-332-9540

email me directly - lewis@lewisporetz.com

 

"I am not in the mortgage business - I am a highly skilled mortgage banker who is in the customer service business."



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