fha 203k renovation loan
TRANSCRIPT
Index
www.203kfhalender.com2
Index Page No
203K FHA Lender 3
FHA 203K Lender 5
About Us 5
FHA 203k Home Loans 7
FHA 203k Mortgages and First Time Home Buyers 7
FHA 203k loan 9
FHA 203k Renovation Loan 11
203K FHA Lender
www.203kfhalender.com3
Being an 203k FHA Lender is one thing but being an experienced expert
FHA 203k lender is another and that is what you get working with AnnieMac
Home Mortgage.
Our primary focus is renovation lending and our specialty is the FHA 203k
renovation mortgage. We have the experience and know how to make
sure your renovation mortgage, whether a purchase or a refinance, is a
smooth and enjoyable process. Our goal is to make sure you and your
contractor understand your roles and what is expected of you so that we
can get to a quick closing.
203K FHA Lender
www.203kfhalender.com4
As an 203k FHA Lender we are educators- we educate all the parties
involved on how to use the 203k and make it work! The FHA 203k can be
a tough loan when you do not have the experienced team around you but
you have had the right start by speaking with our team here at AnnieMac.
Your team includes:
FHA 203k loans have these great features
3.5% down payment (purchase plus renovation)
Loan amounts up to 110% of after improved value
Ability to finance up to 6 months of mortgage payments
Flexible credit requirements
Purchase or refinance and renovation all in one loan
Low interest rates
Potential to create instant equity
FHA 203K Lender
www.203kfhalender.com5
About Us
The Renovation Lending Division of AnnieMac Home Mortgage is a
specialized group of professionals focused on the need to help rebuild and
renovate American homes. Americans currently have a great need to
access affordable loans to simultaneously finance and renovate their
homes.
Our focus in the Renovation Lending Division is FHA 203K Lender
Renovation Mortgages - most banks require either cash offers or the use
of a FHA 203k mortgage on foreclosed properties. That being the case,
AnnieMac Home Mortgage has made a commitment to becoming an
industry leader in Renovation Lending. This division has been created to
help customers looking to obtain loans to purchase homes or refinance
their existing home.
FHA 203K Lender
www.203kfhalender.com6
At AnnieMac Home Mortgage,
we go that extra mile to build
strong relationships with our
customers by offering additional
benefits that other companies
are reluctant or unable to offer.
We are dedicated to delivering
to you the services designed to
improve your financial security
and future - it is this dedication
that our foundation was built
upon.
AnnieMac Home Mortgage is
proud to be recognized as an
accredited business by the Better
Business Bureau. We will provide
you with the highest level of
expertise of any mortgage
company. Our Licensed Mortgage
Loan Originators will make certain
your experience is as
straightforward and comfortable as
possible. We pride ourselves on
being able to provide you with
personalized loan options that
work best with your individual
situation.
Visit Our website for FHA 203K
Lender
FHA 203k Home Loans
www.203kfhalender.com7
A 203K loan is a U.S. government loan managed by the Federal Housing
Administration (FHA), which falls under the Department of Housing and
Urban Development (HUD). The 203K loan is unique because it bundles a
loan for the purchase of an existing dwelling as well as for associated
cost of renovations and/or repairs that are required to the existing
dwelling. This type of loan used is to encourage potential home buyers to
purchase an existing dwelling in an existing neighborhood rather than
build a home in a new neighborhood. Many people refer to these existing
dwellings in need of renovation and/or repair a fixer upper or a
handymans special. By purchasing an existing dwelling in an existing
neighborhood it not only improves the look of the dwelling itself but the
look of the existing neighborhood as well.
FHA 203k Mortgages and First Time Home Buyers
Properties that are deemed eligible for 203K Home Loans are single
family to four family dwellings that have been completed for a minimum of
1 year. The individual(s) purchasing the home must also make this
dwelling their primary residence.
FHA 203k Home Loans
www.203kfhalender.com8
There are actually two types of 203K loans the standard 203K loan and
the streamline 203K loan. The difference between the two types of loans
lies with the type of renovation and/or repair required to the dwelling, the
timeframe it takes to complete the renovation and/or repairs to the
dwelling, and the cost of the renovation and/or repairs to the dwelling.
There is a specific list of items that do and do not qualify for each type of
203K loan. The minimum permitted loan amount of either type of 203K
loan is $5,000.
The maximum permitted loan amount of the 203K streamline loan is
$35,000. The maximum permitted loan amount for the regular 203K loan
is 110% of the value of the property once the renovations and/or repairs
have been completed.
Visit Our website for more information on FHA 203k Home Loans
FHA 203k loan
www.203kfhalender.com9
FHA 203k Loan Key Features
Many are surprised to find out that you can use a FHA 203k loan to
refinance or purchase a property and roll in the cost of rehabilitation and
renovation. This is one of the great ideas behind the FHA 203k
loan. Frequently, we receive calls from customers stating they don’t
have enough equity in their home to get a line of credit or enough cash
on hand to do the improvements that they would like to in their new
home purchase. In a search for a company to meet their needs, they
stumble onto my web-site. This is when they realize that they do have
options, and the program that will fit their needs is the FHA 203k loan.
KEY PRODUCT FEATURES OF THE FHA 203K LOAN
FHA 203k loan
www.203kfhalender.com10
The FHA 203k Loan Is a loan that allows the buyer to purchase a home
without a CO at closing.
Can be used with short sales, REO and foreclosures.
It can also be used to refinance your current mortgage to upgrade your
home.
30 Year fixed rate loan.
KEY PRODUCT FEATURES OF THE FHA 203K Loan
Creates equity fast.
Convert commercial 5-6 units to HUD limits of 1-4 family.
Convert single family homes to 4 family homes.
Mixed use properties with no more than 25% commercial space is
eligible.
Buyer can borrow up to 110% of the appraised completed value.
Project must start within 30 days of closing and be completed within 6
months of closing.
FHA 203k Renovation Loan
www.203kfhalender.com11
Home buyers can use the FHA 203k home loan program to purchase and
renovate a home with one, low-rate mortgage. In addition, current
homeowners can use the FHA 203K Renovation Loan to refinance their
current mortgage and pay for remodeling work with one mortgage with a
low interest rate.
The remodeling calculators provide several benefits to homeowners
considering using an FHA 203k home renovation loan.
They provide estimates instantly, and are quick and easy to use.
They can let homeowners know early on if they won’t have enough
money for all their plans or if they might be able to undertake more
renovations.
They can help homeowners control their remodeling budget and add or
replace repair jobs as work proceeds.
They can help homeowners judge if a contractor’s estimate is realistic.
www.203kfhalender.com12
Visit Our Website:
www.203kfhalender.com
Follow Us