FHA 203ks Purchase or Refinance with Additional Money to Rehab the Home

FHA program provides a single-close loan that enables a qualified borrower to purchase a home that may need repairs or to refinance an existing home for the purpose of remodeling. This outstanding program allows the borrower to finance a maximum of $35,000 to make improvements.

The DREAM MAKER features:

• Purchase and rate/term refinance on primary residences that are 1- to 4-unit properties

• Fixed rate mortgages with 30-year term

• 1-year adjustable-rate mortgage with 30-year term (not available in high-cost areas)

• Up to 3 months for rehabilitation

• One underwriting review and one closing for rehabilitation construction and permanent financing

• Loan based on the as-completed value of a home

• Down payments as low as 3.5% are allowed — family members may pay all of the borrower’s required down payment, closing costs, prepaid expenses, and discount points

• No reserves required on 1- to 2-unit properties and 3-month reserves required on 3- to 4-unit properties

With Gil’s experience in rehabilitation lending, borrowers have a better alternative to stodgy and inconvenient conventional bank programs.

For more information, contact:

Gil Kerbashian

McNeil Financial Group

(847) 873-7295

www.gilkerk.realestateloans.com

gilkerk@yahoo.com

Posted by gilkerk ( General, FHA, Government Home Loans, Homeownership, Crystal Lake Real Estate Agents, Agonquin Real Estate Agents, Cary Illinois Real Estate Agents, Mortgages, FHA Appraisals, FHA Appraisers, HUD Owned Homes, HUD Homes, HUD Foreclosures, McNeil Financial Group, Lake in the Hills Mortgage, McHenry Home Loans, realestateloans.com, mcneil financial group, (847) 458-8700, Mortgage Buydowns, FHA 2-1 Buydowns, 203ks, fha 203ks, 203k ) :: Permalink :: Trackbacks (0)