Fannie Mae is purchaser of most loans on the secondary market and is very strict about lending only on properties that do not have many issues.
Lenders are not lending unless a property is in almost perfect condition due to Fannie Mae investor requirements. This put a huge void in the market for "fixer uppers" and homes sitting empty for years at a time.
The Federal Housing Administration and the Department of Housing and Urban Development, designed a program to fit this growing concern of abandoned homes. The Naples FHA 203k rehab program was then implemented by lenders according to their investor overlays. This program is only for rehabilitation and repair of single family primary residence properties. Not many lenders are currently participating in the Naples FHA 203k rehab loan. We are proud to announce that we have become experts in Naples FHA 203k rehab/renovation mortgages.
Many first time home buyers are taking advantage of the Naples FHA 203k home loan, because of the very low down payment requirement of 3.5% and you can get financing up to 110% of the fair market value once the house is completed.
Only one closing is required and the funds to make the repairs are held in escrow until the work is competed. My punta gorda office recently has been completing a lot of these 203k rehab loans. We have a very aggressive Naples FHA 203k rehab loan. Call me today to discuss you options.
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Core Management Team
855-554-2673 Toll Free
company NMLS #849597
Personal NMLS #344608
www.coremortgagefinancial.com
Hi Nate.
ReplyDeleteIt's great to see so many lenders embrace the 203k. With more good and accurate information being disseminated about the 203k, local economies and real estate markets can actually make a quicker comeback.
As an expert with the 203k, you understand the importance of working qualified individuals for something as complex as the 203k. This is why it's important for contractors to become properly educated on the intricacies and nuances of the 203k.
The 203k Contractor Directory located at http://203kContractors.com has been doing just that and actually lists these Certified 203k Contractors on the database. So, if you come across contractors who have little/no 203k experience, the 203k Contractor Directory can educate them for you. And if you need contractors knowledge with the 203k, the 203k Contractor also serves this needs.
Hi
ReplyDeleteWe use our knowledge of contractor mortgages and the lenders to bring you the best contractor mortgage deals on the market, and ensure that you are not penalised simply because of career path that you have chosen.
contractor mortgages
Good Job.
ReplyDelete203k loan is designed to help home owners who are in need of financial help for home repairs, renovation, and even new purchase.
ReplyDeleteFor more details about 203k loan, visit www.cfs203k.com. CFS Mortgage and RenovationReady brings together more than 50 years of traditional and renovation lending know-how. Let their team of experts help you.
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