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
