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FHA 203k
Loan
Construction
& Rehabs
Construction
loans are used to finance the building of a new home
rather than purchase an existing home. They are usually
variable-rate loans that have interest only payments
during the construction phase. Draws are scheduled based
on the stages of construction to pay the
builders.
Many
construction loans are construction-to-permanent which
means that when construction is complete, the loan is
converted to a normal mortgage. This has the advantage
of a single loan with one closing.
Rehabs
& renovations.
Purchase
and Renovate a home- Short Sales, Foreclosures,
"Fixer-Uppers", Etc. Find a bargain
for your buyers and help them turn it into the home of
their dreams.
Refinance- Work with homeowners wanting to renovate,
remodel or upgrade.
EM Refi- Energy Efficient Mortgage Upgrades, including
SOLAR OK.-
- Work
with local remodeling contractors and EXPAND your
referral network.
- Investors-
Program qualifies for Investor Purchase on HUD OWNED
REO properties ONLY.
- New
FHA LA LIMIT INCREASES WILL APPLY (when they go into
effect).
What
is Renovation Lending?
Renovation
Lending is simply adding the cost of repairs and
improvements into the mortgage to purchase
or refinance a
home.
- A
Renovation Mortgage is a single, first lien position
mortgage that is fully disbursed at
closing.
Property
Types:
- FHA
REO Qualifies for Investor Purchase to 85% for 1-4
Units.
- 1-4
units, including converting a 1 unit to a 4 unit or a
4 unit to a 1 unit.
- Condos
and town
homes-
interior renovations only
- Mixed
use- as long as the commercial use is
<25%
- Same
that qualify for FHA-OO
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