"FHA203K offers you the opportunity to Buy and Fix up your dream home all with only 3.5% Down!"
fha home loan ny

What is the FHA 203K loan program?

 

Purchasing a home that needs major repairs can be a difficult proposition because most banks won't lend the buyer the money to purchase the home until all the repairs have been completed. Also, you can't repair a home that you don't own. Thus, the FHA created the 203K loan program to alleviate these problems by facilitating the lending of the funds needed to buy the home before it is repaired.

 

Requirements and highlights of the FHA 203K loan program.

 

Property must be one- to four-family structure and can be Condominiums or Town-homes.

 

Proceeds of the loan can only be used for interior rehabilitation of the property.

 

The mortgage amount maximum cannot exceed 100% of the value after the improvements are complete.

 

Appraisal is required for the "After Improved Value".

 

Some lenders may require an "As Is" appraisal as well.

 

Borrower cannot own more than 7 units within a 2 block radius of the property they wish to purchase.

 

Minimum amount required to borrow is $5,000.

 

Phone: (718) 710-4900 or (908) 947-8904 - Email: jvannote@jerseymortgage.com

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