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203K

 Features

  • Rehabilitation/improvement of existing property
  • Renovations completed after closing of escrow
  • Limited 203K
  • Standard 203K
  • One- loan-only program
  • Borrow up to 97% purchase price, plus renovations
  • Purchase & Refinance
  • Nation's fastest growing loan program

Benefits

  • Cash for people who wish to fix up their new or existing home
  • Portion of loan proceeds cover improvement costs
  • For projects up to $35,000
  • For projects between $35,000 and FHA loan limit
  • One mortgage covers purchase/refinance, plus cost of the repairs
  • Up to 110% of after completed home value means option leeway
  • No out-of-pocket expenses for repairs
  • For 1 to 4 unit dwellings, condos, townhouses, PUDs

Who does this product benefit?

  • Customers interested in purchasing a property in need of repair.
  • Customers with an existing property who want to repair their current property.
  • Customers with limited funds for down payment, closing costs and necessary repairs.

Watch and listen for sales and referrals...

  • Customers comment that they are interested in purchasing a property that needs repair.
  • Customers comment that they have an existing property they would like to repair/improve.
  • Customers with limited funds for down payment, closing costs and necessary repairs.
  • Customers comment that they need permanent, real property improvements (rather than "luxury" items like hot tubs).
  • Customers who could not afford to fix up their homes unless they had ready cash on hand.
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