Santa Cruz Home Finance is the newest addition to the 203k lending family of course located in Santa Cruz CA. They have been in business for many years as an FHA lender and feel the time is right for the 203k loan as so many homes in the area being sold have issues.
They understand the value of being able to offer the full 203k as well as the streamlined k loan products. The service and attention to the needs of their clients is very evident as I have been close to them on a 203k and have been able to see the passion and attention to detail the crew provides to their clients. You certainly will be well served to use Santa Cruz Home Finance for your 203k needs.
It is hard to believe that there are Realtors and agents that still don't understand that this is an "as is" purchase or refinance with money to do any work needed all wrapped up into one low interest loan with a fixed rate for 30 years. Asset managers are finally getting it that the standard FHA loan (203b) is the one they dont' want to use but the 203k is exactly what they want as the home is sold "as is" and the buyer or borrower gets bids on the work to be completed "after it closes escrow".
If someone has convinced you that the maximum amount of work on a 203k is only $35,000 you have been duped as they may only do the streamlined k and if that is the case they have only told you about 20% of the story. The fact is a full 203k in Santa Cruz County has a maximum mortgage amount of $729,750. Look at the chart below off the HUD
MSA Name
MSA Code
Division
County Name
County
CodeState
One-Family
Two-Family
Three-Family
Four-Family
Last Revised
Limit Year
SANTA CRUZ-WATSONVILLE, CA (MSA)
42100
SANTA CRUZ
087
CA
$729,750
$934,200
$1,129,250
$1,403,400
01/01/2009
CY2011
web site and you will see that a 4-family home or a four-plex can be financed up to $1.4 million provided it will appraise that high. Don't forget that a mixed use building is apprasied as though it was a 1-4 unit building.
See you soon, M
