FHA 203(K) RENOVATION LOAN

Are you looking for a short sale opportunity, a bank-owned property, a foreclosure, or a “fixer upper”?

Would you be interested in the financing of a mortgage loan for the purchase of a property, and would you like to include the cost of repairs?

Let’s face it. The lending guidelines have become very strict since the “credit crunch”. It is harder for a lot of people to qualify for a mortgage loan. Many lenders have shut their doors, and many loan programs do not exist anymore. Home equity lines of credit and cash-out refinances are harder to obtain right now for home improvements.

Lenders are changing guidelines frequently. We are faced with “declining market” issues, especially in states such as Florida.

A solution for you may be a FHA 203(k) Renovation loan!

This program provides borrowers with an affordable, yet stable, financing solution that combines the purchase or refinance of a home mortgage along with the costs of the improvements into a single, low interest rate loan.

What exactly is “renovation lending”?

It is simply the procedure whereby you can add the cost of repairs and improvements into the mortgage for a purchase of a home or for the refinance of a home mortgage. This mortgage is a single and first position mortgage loan.

There are two types of renovation loans: Streamline and Full 203(k):

Some features of the streamline renovation loan are:

· Up to $35,000 in renovations allowed

· There are 2 draws, 1 disbursed after closing and one after final inspection

· Exclusions include structure/architectural and landscaping

Some features of the full renovation loan are:

· Over $35,000 in renovations allowed

· Structure and architectural and landscaping is allowed ($5,000 minimum)

· Up to 4 draws with a final draw (cash flows)

· Uses a consultant who works with all parties, to wit: buyer, loan officer, lender, contractors to provide estimates, to manage the project, and to execute draws

What are some of the eligible improvements?

· Kitchen and bath remodels, including appliances

· Replacement of doors, windows, skylights

· New flooring, tile, paint, wallpaper

· Upgrades to HVAC and plumbing

· Upgrades to energy efficiency and electrical

· Handicapped accessibility

· Installation, repair, or replacement of well or septic systems

· Room or garage additions

· Patios, decks, terraces

· Roofing

· Swimming pool repairs up to $1,500

· Pest work relative to health and human safety items

· Note: luxury items are not allowed, such as exterior hot tub, sauna, or spa, outdoor fireplaces or BBQ its, new swimming pools, additions or alterations for commercial use, satellite dishes, tennis courts, and the like

I AM HERE TO HELP YOU IN THE MOST ETHICAL, PROFESSIONAL, AND EFFICIENT MANNER.

I CARE ABOUT MY CLIENTS, AND I STRIVE TO WORK IN THE MOST DILIGENT MANNER SO AS TO ASSIST YOU WITH YOUR HOME PURCHASE OR YOUR HOME REFINANCING NEEDS.

CONTACT ME BY TELEPHONE AT 1-888-788-5551

OR 407-973-8614

OR BY EMAIL TO

KROBERTS@MYBESTMORTGAGESOURCE.COM.

I look forward to talking with you and assisting you!