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Now Offering Both FHA 203K Rehab Loans! FHA 203K and FHA Streamline 203k!

December 14, 2012

The Federal Housing Administration’s (FHA) 203K Rehabilitation Loan is an easy to use mortgage program specifically designed for those who wish to make improvements on an owner occupied home they own, or would like to buy.

Rather than having to obtain a separate loan to finance the cost of repairs (or walking away from a home they love because they don’t have the cash for home improvements), the FHA 203K rehabilitation loan allows you to finance the rehab costs within the first mortgage loan.

PMC Offers two different 203(k) loans:

FHA 203K: The standard FHA 203k loan is used to purchase or refinance a home that needs major rehabilitation, or when the repairs are structural in nature. The standard 203k loan is also used when the total renovation costs exceed the $35,000 limit of the 203k streamline loan. Also, the borrowers will receive an added layer of protection from the use of a 203k consultant. 203k Consultants are experts in their field and are used to safeguard against under or over estimating the cost of the repairs.

FHA Streamline 203k: The FHA Streamline 203(k) is an all-in-one loan used for homes that need minor repairs. It allows borrowers to finance the purchase of an existing home or refinance a home they currently occupy and make improvements or upgrades of up to $35,000. There are no minimum repair costs with the Streamline 203k loan. (FHA 203K Streamline webpage)
Perfect for purchasing foreclosures!
• Repair termite or moisture damage
• Remodeled kitchen and baths, modernize plumbing
• New free standing appliances
• Install or repair well or septic systems
• Roofing, gutters, downspouts
• Flooring, tiling and carpeting, interior / exterior painting
• Energy conservation improvements
• Major landscaping
• Improvements for disability accessibility
• Foundation repair
• Other improvements that are a PERMANENT part of the real estate

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FOR A FAST PRE-APPROVAL: Complete a loan application on our website APPLY ONLINE

Job Opportunities? Now is the time to see how PMC Can Help you earn what you deserve!  Visit our Website and apply online today!

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