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Thousands of people are using the FHA 203k loan every single month.
You can purchase a MN, WI, or SD home with just 3.50% down, AND get money to fix the house, bring it up to code, or get paint, carpet, a roof, or even appliances.
An important tool for community and neighborhood revitalization, the FHA 203(k) loan offers flexible qualifying and low down payments:
The FHA 203(k) loan is available to borrowers of all income levels, to homeowners who plan to occupy the house, and for homes with one to four units.
There are two types of FHA 203(k) loans:
There is no doubt that the current real estate market offers a lot of great bargains on bank owned, foreclosed, short-sale, and fixer-upper homes. However, many of these homes are in poor condition. Missing appliances, ruined carpet & flooring, holes in the wall, etc. Most lenders don't offer loan programs that will be able to help folks buy homes in this condition.
The FHA 203K Rehab loan is becoming very necessary
for the purchase of many Bank Owned, foreclosuresREO, or Repo properties. Mortgages
Unlimited offers FHA 203K streamlines loans to make the process of buying a home
that needs a little TLC (or quite a bit in some cases!) easier, more affordable,
and quicker. Many of us have seen firsthand, or have heard stories about
foreclosed home that have been torn up, stripped, vandalized, etc. With
conventional financing, these homes are very difficult to sell or buy, as they
are not in move in condition, and most lenders will not lend on a damaged home.
The 203k rehab loan closes 1 time. It is a permanent form of financing. There is no HUD consultant or general contractor required on the 203k streamline. However, we do suggest using a general contractor with a strong track record to ensure that your work is done & done right.
Please give us a call to find out if this loan is right for your next purchase, your listing, or right for your next buyer that is looking at Bank-owned, foreclosed, short-sale, or Repo properties that are in need of TLC & repairs.
Addition Full 203k Allowed Repairs
Full 203k Allowed Repairs
The appraiser will be given a copy of your repair bids along with the purchase agreement. The appraiser must say that the after improved value of the home will equal at least the combination of the repair and purchase price. For example, if the purchase price is $100,000, and your repairs are $25,000. The appraiser must say the house will be worth within 110% of the purchase price plus repairs once repairs are completed..
Other Eligible Costs:
Fax (651) 994-6425
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33 Wentworth Ave E - St Paul, MN 55118 - NMLS 274132
Equal Housing Lender © 1998-2017 - Joe Metzler for Mortgages Unlimited, Inc
Mortgages Unlimited, Inc. Nationwide Mortgage Licensing System and Registry (NMLS) # 225504 Saint Paul Branch - NMLS # 387944. Joe Metzler, Licensed Mortgage Loan Originator NMLS # 274132. Minnesota Lic/Reg #: MN-MLO-274132. Wisconsin Lic/Reg #: 11418.
NOTE: We offer USDA, VA and FHA Loans. While we are an approved lender, we are not part of HUD, FHA, The United States Government, or the Department of Veteran Affairs. We are not acting on behalf of, or under the direction of HUD/FHA or the Federal government. FHA and VA do not lend directly to the public, only through approved lending institutions like Mortgages Unlimited.