The FHA 203(k) allows homebuyers an opportunity to purchase or refinance existing home and finance 110% of the costs to improve the home. The 203(k) is ideal for "fixer-uppers" or "handyman specials".
Online PR News – 10-June-2010 – – Santa Rosa, CA, June 10, 2010 -- The FHA 203(k) program ( http://www.fhasubmissions.com ) provides a single-close loan that enables a qualified borrower to purchase a home that may need repairs, to refinance an existing home for the purpose of remodeling, or to move an existing home to a mortgaged property. The streamlined FHA 203(k) program ( http://www.fhasubmissions.com ) allows the borrower to finance a maximum of $35,000 to make improvements. Both programs generate the necessary funds for renovation by financing the as-completed value of the home, rather than the present value.
FHA 203(k) features: ( http://www.fhasubmissions.com )
* Primary residences that are 1- to 4-unit properties
* Purchase and rate/term refinancing
* Fixed rate mortgages with 30-year term
* 1-year adjustable-rate mortgage with 30-year term
* Up to six months for rehabilitation
* One underwriting review and one closing for rehabilitation construction and permanent financing
Designed for borrowers who: ( http://www.fhasubmissions.com )
* Want an alternative to a closed-end second mortgage or HELOC
* Can benefit from flexible qualifying requirements
* Are looking for a cost effective way to repair or improve their current home
* Plan to purchase a home with repair contingencies
* Want to rehabilitate a neglected or damaged foreclosure
For more information, contact me today.
** Watch this video -- http://www.youtube.com/watch?v=_ZXHFo3p0Uc -- Here is all you need to know about the 203k **
At Essex Mortgage Bank, we’ve been helping homeowners just like you find the right mortgage loan since 1986. If you’re purchasing your first home, or refinancing your sixth, you can count on us to make the process easier and more affordable.
Jeffrey Martino Young is our Branch Manager at Essex Mortgage Bank in Santa Rosa you can feel at ease knowing that he has many years of experience in this section of the Real Estate Industry.
More information can be found online at http://www.fhasubmissions.com
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404