Call us at “877-399-203K″, e-mail
us at my new email address “203K@myrehabconsultant.com” or visit the contact us page to schedule an appointment.
When you are looking for a home to buy, especially early on in the process, you may run into this scenario:
You found the perfect area, you love the community, the schools are nice, but the house in that area looks great however its way over your budget. You move on the next property.
Under a conventional loan, that would be your best option, to move on to the next property and settle for a compromise. You convince yourself that you have found your "dream" home but it's in an okay neighborhood with okay schools, longer commute, higher taxes, etc... At the closing, you are thinking (before you sign your life away into the conventional mortgage), if only my dream home was in the first neighborhood I looked at? Well, do not let this happen to you. There is another option you can try if you find the home in your first neighborhood but needs some work. You can buy that home under a renovation loan.
There are many advantages to obtaining a renovation loan. You can finance the property and get funds to repair or improve/upgrade your home in a single mortgage loan. This is both convenient and at other times necessary to qualify for a renovation loan. Existing homeowners can also benefit from a renovation loan. These loans help them improve their homes. They can get funds for improvements, based on the after-improvement value of the property and this is helpful if they have limited equity in their homes.
There are various types of renovation loans out there, but these are two of the most popular ones...
For FHA (HUD):
203(k) Rehab Mortgage Insurance is a program for the rehabilitation and repair of single family properties. If you have questions about the 203k program or are interested in getting a 203k insured mortgage loan, we suggest that you get in touch with an FHA-approved lender in your area.
For conventional (Fannie Mae):
The HomeStyle Renovation mortgage provides a convenient and flexible way for borrowers considering home improvements to make repairs and renovations with a first mortgage, rather than a second mortgage, home equity line of credit, or other more costly methods of financing. If you have questions about the HomeStyle Renovation program or are interested in getting a HomeStyle Renovation insured mortgage loan, we suggest that you get in touch with a Fannie Mae-approved lender in your area.
If you need to educate yourself a little more before you call, then browse the "tabs" under the HUD 203K Consultant section. These FAQ's can help you determined which rehab loan is right for you.
One of the things that a HUD 203k Consultant is responsible for is the preparation of or obtain and review of all applicable architectural exhibits. Your contractor can develop them or you can let us develop your Architectural exhibits for you. Architectural exhibits may include, but are not limited to, the following: