FHA 203k Rehabilitation Loans

Rehabilitation Financing

What if you found the ideal location for your home, but no available properties were in the condition you wanted? What if you saw a great deal on a bank foreclosure, however you could not get a loan on it because the house needed repairs?  What if you wanted to upgrade the current home you are living in but didn’t have the cash to do it?  Well there is a solution for you…

With a 203k rehab loan you can buy just about any property and rehab it the way you want without requiring additional money or time.  Simply a great way to make a house your home.

Rehabilitation Loan Highlights

• Low Down Payment
• Purchase or Refinance
• No Mortgage Payments During Construction
• Single Family Properties
• Mixed Use Property
• LTV’s Up To 110% of Value
• High Loan Limits
• Seller Credits Allowed
• 2 to 4 Unit Properties

Qualifying Made Easy

You do not need perfect credit or a lot of cash reserves (money in the bank) to qualify.  You will be surprised at how easy it is to qualify – the rule of thumb is:  if your past history looks like you have the ability and desire to pay the monthly mortgage payment, you will probably be approved.

Purchase Details

Down-payments are as low as 3.5%; sellers can assist with closing costs; loan amounts up to 110% of after-rehabbed value; income credit for unoccupied rental units — just some of the many benefits that make 203K rehabilitation financing the right choice for your home purchase.  If you work with an experienced lender like Ardain Mortgage Corp, you can expect to close your 203K rehabilitation loan 20-35 business days from the time you complete your application. Contact a professional to get started today!

Refinance Details

Most rehab financing requires no down-payment, and some programs offer cash back if you have recently purchased the property.

Eligible Properties

Properties may be single family homes, two-to four-unit multi family properties, condos, town homes, or mixed use properties (residential combined with commercial store front). Also, you may convert properties with greater than 4 units to 4 units or less to meet eligible property requirements.

In One Simple Loan

You only have one loan with a 203K rehabilitation loan. Make one simple payment on one loan. In most cases you will have one 30 year fixed loan that will include taxes and insurance. In fact, during construction you may not have to make any payments at all!

Non-Profit and Government Agencies

Hard to believe, but Ardain Mortgage Corp has programs available for Non-Profit Agencies with 501C3 status as well as Government Agencies, Cities and Municipalities that are interested in improving their communities and using the 203K rehabilitation loan.  Contact Ardain Mortgage Corp for details on this amazing opportunity.

Get Pre-approved Today

Qualifying is easy. You will only need a few items to pre-qualify for a 203K rehabilitation loan, and speaking from experience, you will not only enjoy the process, you will learn a lot about 203K rehabilitation and its many benefits.

I do have a more exhaustive post on 203K rehabilitation loans…let me know if you would like me to send it to you…