FHA 203k Renovation Loans...A hidden gem in the mortgage business today!!!
As you keep your options open in this ever changing industry, here is another tool we can offer you.
Prospect Mortgage is the second largest nationwide lender for FHA 203k Renovation Loans by units. These loans are perfect for a bargain hunter who has spotted a fixer-upper or a foreclosure in need of immediate repair, or a client who has found a home that would be ideal if only there were a third bedroom and a second bathroom. FHA 203k Renovation Loans are the answer
A Prospect Mortgage renovation loan provides consumers the money to both purchase a home and finance the home's renovation. The down payment on a renovation loan can be as low as 3.5%. Improvements can include anything that adds value to the home, such as a room addition, new carpeting, landscaping, plumbing, roofing or a new kitchen. The loan can also be used for energy-efficiency improvements that qualify for tax credits under the new stimulus package.
FHA 203k Renovation Loans are no different in terms of qualifying than your normal FHA Financing. We will lend on the "After Improved Value" based on the appraisal. We can streamline the process and offer up to $35,000 towards improvements (as described above) and the work does not have to be done before closing.
The REO market has increased demands for 203k Renovation Loans because so many REO properties require repair. Prospect Mortgage has partnered with some of the nation's largest REO asset holders, with preferred lender status on more than 120,000 quality REO properties! In addition, we help our Real Estate Agent partners turn their REO open houses into a beehive of buyers with our proprietary marketing system. Check out the attached sampling of materials showing how we help market our Loan Officers!
Call me today to learn how Prospect Mortgage can make YOU a Renovation Lending sales leader!
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