The 203k FHA Mortgage has benefits for both Buyers and Sellers! The loan amount includes cost of the home plus the cost of repairs & improvements! Found a home you love, in a great location – but it needs too many repairs, updating or expanding – and how do you pay for that? Well, the Federal Government has a mortgage for you! The 203k mortgage program allows you to invest your money to create your “Dream Home” with the features & style you want.
Some of the benefits and requirements of the 203k mortgage are:
3 1/2% down payment required (can be gifted)
More flexible qualification requirements
Single loan for both purchase and improvement costs
FHA loans are assumable and can be used for purchase or refinance
Owner-occupants only. No investors
Appraisal is based on the market value of the completed house after improvements
On Long Island, the maximum amount for an FHA mortgage is $729,750
There’s additional requirements – and the process can be complex. Avoid pitfalls. Don’t use someone who doesn’t know what they’re doing. It’s a team effort. For a smooth transaction which ends in success – everyone on the team must know what is required, how to assist the other team members and be willing to follow the entire process step-by-step.
To find a home which will qualify for the program, you need a real estate agent who understands the process.
The lender must be FHA approved – and should be experienced in handling 203k mortgages.
The contractor must be FHA approved, know how to handle the required paperwork and able to complete the job on schedule.
The extra effort can pay off in the long run. This a wonderful opportunity to buy that “Diamond in the Rough” and make it into your Dream Home! Our VIP (Value Improved Properties) Program explains more about the process. To find out more about the program and see if it’s something that will work for you please contact me at email@example.com. FHA.com lists some FAQS about the 203k program.
Find homes for sale on Long Island at www.LIagent.com. Current market reports are available for all areas in the Town of Huntington – Dix Hills, Melville, Huntington, Greenlawn, Huntington Station, E. Northport, Commack, Centerport and Northport. Just fill out the form on the left sidebar and one will be sent to you automatically. For other areas, please contact me at firstname.lastname@example.org.