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Ideal : Real Estate Advice

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Activity 1
Mon Mar 5, 2012
Rodney Mason answered:
Hi TJ,
The FHA 203K is a great loan program to use to purchase and renovate a property. Since it is an FHA mortgage, it must be for your primary residence.

FHA 203K mortgages do require a little more time to close. You should anticiapte a 45-60 day closing. A couple of the big banks that offer 203K have much longer average turn times what we do. I am not sure what you mean about taxes though. The type of loan program does not impact property taxes.

Prospect Mortgage is the 2nd largest 203K lender in the country. We are one of the few to have our own in-house Draw Department. You will find that very helpful after closing.


Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
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) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
... more
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