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real estate news: Real Estate News - 203K allows you to use 110% of the "After-Improved" value for Lending Purposes. - 02/09/10 09:37 AM

The FHA-backed 203(k) rehab loan is an increasingly popular option in today’s market because so many available properties, especially foreclosures, are in need of repair. A streamlined 203(k) provides money to pay for improvements such as a new roof, appliances, furnace, energy-efficient windows, and cosmetic improvements like carpet, paint, and remodeled kitchens and baths. The maximum loan available is $417,000 (Burlington County NJ) and allows you to use 110% of the "After-Improved" value for Lending Purposes.
The buyer must put down 3.5 percent of the acquisition. At closing, the seller is paid and the remaining money goes into an … (1 comments)

 
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Larry Bailey

Medford Township, NJ

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Elliemae, Inc.

Address: Medford, NJ, 08055

Office Phone: (925) 227-7732

Cell Phone: (609) 975-9182

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I entered into the Banking Industry in 1987, with the goal in mind to make sure that my Customers (Clients) always had the best information, so they could make the best decisions for themselves. 23 years later, I have not changed that mindset. I am still making sure that all of my Clients and Relationships are getting the best information available, so that I can help them make the best decisions they can. My background and work experience has focused around the Business of "Money", whether it is working for a Bank, Mortgage Broker, or Mortgage Banker. I have also created and run a National Appraisal Management Company, as well as a Title Insurance Company that serviced the needs of both Lenders and Borrowers. My strategy has always been, and still is, to know more than my Competition and, just as important, to be able to "Put My Money Where My Mouth Is". If I can ever help you with anything to do with how to borrow money or how to save the most when borrowing money, let me know. I will be more than glad to help. Contact me for more information anytime. Specialties: Best example of what I do is helping people or companies achieve their goals. As long as you know where you want to get to, I have the ability to help. I specialize in the financial services industry, but have broad reaching skills that reach across many industries.


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