When this is the case, the FHA 203K Renovation mortgage is a great financing option. It allows buyers to purchase and renovate all in one mortgage. Prospect Mortgage is the 2nd largest 203K lender in the country.
With the FHA 203K, there is no minimum or maximum amount for the repairs. We are one of the few mortgage companies to offer both the Streamline and the Consultant versions of the program. Most of the mortgage companies who offer 203K, only have the Sreamline version which is more restrictive. Unlike most companies, we have our own Draw Department which is a critical function.
Dealing with the contractors is the biggest time drain. All work must be performed by a licensed and insured contractor.
To get Pre-Qualified to find out your mortgage options, you can submit a request online at http://www.rodneymason.com. My contact info is also below if you have any questions.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
It is a great loan that you can add the renovations into the mortgage. The main issue with many buyers is just getting the contractors on the ball and moving quickly. Once I have the required info from them I can close in 2 weeks.
If you need more info give me a call or send me and email and I can give you all the info for you certain situation.
Some of the bad-not all mortgage lenders will fund a 203k; They take longer to close; Some delays are expected throughout the process.
These are just my personal opinions from an FHA 203k loan I'm working on with a Buyer right now.