203K Rehab Loan - Nothing to Fear
Seems like everyone cringes when they hear the words 203k Rehab loan.
However, with 7 million dollars in delinquent or foreclosed mortgages out there, they will become very needy words.
It is stating the obvious that when a home is foreclosed upon, the property becomes distressed. The party that is vacating the property is generally angry so they take it out on the home. They take items they shouldn’t and sometimes they destroy the property themselves. Couple that with the fact of the property being vacant, Mother Nature can be harsh (as we in the northeast have seen so much of lately) and vandalism is seen more often.
We need to embrace the 203k FHA Rehab loan. The biggest obstacle is fear of the unknown.
Expectations and communication are the keys to any successful transaction.
There are 2 types of 203k loans. A streamline and a consultant. A streamline is when the cost of rehabilitation is less than $35,000. A consultant would be that home requiring or wanting over $35,000 in repairs or upgrades. The contractors involved in the work can play one of the biggest roles in the process. Proper paperwork can make a world of difference (as in any transaction).
I am closing 203k loans in 45 days from submission. Your
confidence in these loans can also come from knowing
Prospect Mortgage is the #2 lender of 203k loans across the country. We have a team of underwriters and processors exclusively for 203k loans. They know the ins and outs and are proactive in the process/approval.
Don’t walk away from a 203k or rehab loan. You will get paid. The customer will be pleased that they are getting the completed home of their desire,which will in turn bring referrals and additional listings and sales
If you would like more information on how 203K loans
can enhance your business,
Call me and I would love to sit down with you. I offer free signs to put out at your listings to advertise purchase and renovate which will
draw attention to those "fixer uppers"
Wendy Burdett- Prospect Mortgage
(508) 380-7697
www.myprospectmortgage.com/WBurdett
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