ATTENTION ORIGNIATORS:
If you are not offering or don’t know about the FHA 203(k) Rehab Loan, you’re missing an excellent opportunity to distinguish yourself as a Professional and create a niche that most originators have no clue about.
Offer this loan to Purchase, Refinance, Remodel, Make a Home Handi-Cap Accessible, Add a Bed Room, a Family Room, a Garage, a Separate Unit for Grandma & Grandpa or when the Kids move back (heaven forbid).
Having been the 203(k) Consultant on over 1500 projects, I’ve consulted on all of the above & more . . .
Call me to discuss your scenario, today!
Qualified Transactions = Multiple Marketing Channels:
- Purchase and Renovate a home- Short Sales, Foreclosures, “Fixer-Uppers”, Etc. Find a
bargain for your buyers and help them turn it into the home of their dreams. - Refinance- Work with homeowners wanting to renovate, remodel or upgrade.
- EEM Refi- Energy Efficient Mortgage Upgrades, including SOLAR OK.-
- Work with local remodeling contractors and EXPAND your referral network.
- New FHA Loan Limits apply.
What is Renovation Lending?
- Renovation Lending is simply adding the cost of repairs and improvements into the mortgage to
purchase, refinance or remodel a home or multi-unit building - A Renovation Mortgage is a single, first lien position mortgage that is fully disbursed at closing, all commissions, costs, etc. are paid. An escrow is then established, at close, to disburse rehab funds
Property Types:
- Same that qualify for FHA-OO, just like a 203(b), with a twist.
- 1-4 units, including converting a SFR, by adding units, convert 5 or 6+ units to 4 units
- Condos and town homes- interior renovations only , which have been FHA approved
- Mixed use- as long as the commercial use is under 25% – retail at street level or below and living area above or behind.
Selling Points:
- Differentiate yourself from other Lenders/LO’s and create a highly profitable niche
- Loan closes in normal time frame, 30 – 45 days.
- Seller’s are no longer responsible for doing repairs, good for buyers because sellers will do repairs as cheaply as possible, which may later cause problems for your buyer, if cheaply, poorly done.
- By renovating, remodeling or with an add-on, your clients can create equity, fast!
Use this loan to get your clients into a home, get it remodeled, then refi them into their new loan with better rates and payment . . . how many loans is that?
Call me to discuss your scenario today!
