There has been a lot of press about 203k renovation mortgage loans lately. I’ve also heard from the mouth of realtors as well as customers how hard they think they are and how they fear that a 203k rehab loan won’t close. Well I’m here to tell you that’s not true. Don’t take it from me, take it from these customers of mine that recently closed.
The 203k rehab loan project featured here allowed the customer to purchase their new home, finance the costs of the repairs and come to closing with one, low down payment. By using a 203k rehab loan all work will begin after the loan closes which means everyone is paid on the day of closing and the customer owns the home the day work begins. From a realtor’s standpoint there is no waiting around for commission and from the seller’s standpoint they are paid the day the loan closes – before work begins.
Check out this great example of how quickly and easily renovation loans can close. If this isn’t the program for you please let me know and let’s talk about any of our other loans such as the USDA renovation loan or the Fannie Mae HomePath renovation loan.
One key point to note is that under the USDA loan 100% financing is still available. Of course the home must qualify for USDA but if it does then we can finance 100% of the cost of the repairs plus the cost of the home. This is definitely a very unique loan program to have available.
Here is proof that this loan does close and not only that leads to very happy customers. With the FHA 203k loan you just need a FICO of 640, debt to income under 55%, a bid from a general contractor and a home to renovate. Let’s talk about the work you want to do to your new or existing home today. The 203k Renovation Mortgage Loan is easy!
Repairs don’t scare me and they shouldn’t scare you either!