Mortgage Updates

Finally the Streamlined "K" is available to help home buyers with those pesky repair items required by the lender.  But, this "repair" availability allows for more than just repairs.  Think about the option of upgrading the kitchen, putting in sprinklers, changing out windows, heating and air or installing solar panels... The options are plentiful.  Now you can buy the fixer AND pay for the upgrades all in the same loan! 

The required investment is 3% of the sales price.  The seller can pay closing costs with a credit of up to 6%.  All the work is completed after close. - Music in the seller's ears.  Even buyers with modest credit scores could qualify.  Also, this is not restricted to first time home buyers... and NO income limits.  If your project doesn't allow for you to move in during the construction period, we can even finance up to 6 months of house payments.  Could it get any better?  This is like having the cake and eating it too!...

But, this new FHA loan isn't just for buying property.  If you own a home and it needs repair or you're looking to ad a bedroom or family room... this has the potential to help you as well.  Some equity is needed.  So, if you're upside down with your current loan - this is not for you.

If this is of interest to you, be sure to give us a call.  It is important to work with folks that have construction lending experience.  We do.