Jay McCrimliskMortgage Loan Originator NMLS#: 223919
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FHA 203k Renovation Mortgages
Mortgage Loan Information For Borrowers Considering A Purchase Of A Home In Need Of Renovations
If you are considering purchasing or refinancing a home in need of rehab work in New York, New Jersey, CT, PA, VA, MD, or FL, NJ Lenders Corp is a Direct FHA 203k lender ready to help you navigate this unique program. There are many homes on the market that require some TLC and could be your dream-home. We want to make your dream a possibility and assist you with understanding the guidelines to obtain a 203K Renovation Loan.
Benefits of FHA 203k Renovation Mortgages:
- More Options - You love the town, the neighborhood, the street, in fact you everything about the house except ____________. We can turn the negative into a positive with the FHA 203-K renovation loan product.
- Flexible Down-Payments - Down payment requirements are as low as 3.5% and you get a 30 year fixed, market rate of interest.
- Flexible Underwriting - Flexible FHA underwriting and credit guidelines
- Potential Home Value Appreciation - Potential increased value appreciation due to obtaining a reduced price for the home
What You Need To Know About 203K Renovation Mortgages
- Which repairs qualify? - A 203k Renovation Mortgage is for properties in need of structural repairs such as a room addition. A Streamlined 203k Renovation Loan is for non-structural repairs such as painting and new appliances. The FHA 203k also covers: patios, bathroom, decks and kitchen remodels, plumbing, flooring, new siding, additions and expanstion to the home such as a second story, and heating and air conditioning systems. Need a new well and septic, perfectly fine. The program does not cover so-called “luxury” improvements.
- How much money can you get? - The amount of money you may borrow under an FHA 203k varies depending on the type of loan you get (regular vs. streamlined). Regular FHA 203k Loans allow an amount that is the lesser of these two amounts: 1) As-is value of the property plus repair costs, or 2) 110 percent of the after improved estimated value of the property including planned repairs.
Streamlined 203K Loans allow a loan of the purchase price of the home plus up to $35,000. The as-is value of the property or the estimated value of the property post-repair will be determined by an appraisal. The typical down-payment is as low as 3.5 percent, but the money can come from a family member, employer or charitable organization
- What kinds of properties qualify? - One- to four-family homes that have been completed for at least a year; homes that have been torn down (Some of existing foundation must be in place); a transportable home that can be moved to a new location. Co-ops are not eligible, but some condos are eligible. Have a mixed use property, we can help.
FHA 203K mortgage loans have been available for a very long time. We take pride in the fact that we offer numerous options for borrowers in New Jersey and New York to achieve home ownership. NJ Lenders has years of experience helping many New Jersey and New York homebuyers in evaluating their needs for repairs and creating loan programs that make sense. Almost anyone that refinances or purchases a primary residence could be eligible for the 203K loan program in NJ and NY. Eligibility will depend on many factors, including your credit score.
Call one our qualified Loan Officers today!