FHA 203k - Or not???....REPAIR ESCROW LOANS

Renovation Guru saying... "You Don't Need Renovation Loan"?!

Honesty is the best policy... And the truth is, sometimes, you don't need a renovation loan. Here's the skinny on the loan that saves you from doing a renovation loan.

REPAIR ESCROW LOANS

Imagine you've just found a beautiful house on the market. It's a foreclosure, but it's in pretty good shape. The house has been vacant for a year, so has a few minor problems - a couple of windows broken, the refrigerator and stove are gone, the basement has a small patch of mold, and a few water pipes have burst over the winter... But by and large, it's in good shape.

DOES THIS HOUSE REQUIRE A RENOVATION LOAN?

Well, it won't pass an appraisal as it sits. These items have to be fixed, for sure. So... on to a 203k, right?

But wait... you may have a better option...

The REPAIR ESCROW LOAN allows you to use a regular loan (FHA, VA, or Conventional) AND finance up to $5,000 in repairs that must be fixed to pass an appraisal. So, what makes this a better route?

• Cheaper overall costs.
• Interest rates are lower compared with rehab loans.
• Less hassle with inspectors and draws.
• Faster process, quicker to settlement.
• Sellers are more comfortable with standard contract (less moving parts, more likely to close).

Can you get a REPAIR ESCROW LOAN from any lender? Nope. In fact, in my 16 years in the business, I have never heard of this ANYWHERE except right here where I am now... PrimeLending.

I can lend in ALL 50 States, so if you think this loan will work for you, please give us a call at XXX-XXX-XXXX. We would be delighted to help.

Remember, renovation loans are a powerful tool in this market with the abundance of foreclosures and short sales available in less than perfect condition... But it's important to know all of your options and to use the product that BEST suits your needs and gives you the absolute best results.

Check us out at www.203kworld.com. We are just a phone call away.

Kluge Out!