FHA 203k Rehab Loans/Eligible Improvements

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Consider a Home Rehabilitation/Restoration 203(k) Mortgage!

Let Us Be Your 203(k) Restoration Contractor...

You may find the home of your dreams, but the home may be in need of some work. With an FHA 203(k) rehab/ restoration mortgage, you will have one loan which includes the mortgage and the cost of repairs combined!

The mortgage amount is based on the projected value of the property after the work is completed, taking into account the cost of the work. The advantage of this loan is that you can buy a home that needs a lot of work, or even minor improvements, and you still have only one mortgage payment including money for repairs.

Obtaining a 203(k) Mortgage will allow you to:

• Create the home of your dreams and add value to your investment
• Borrow the money for repairs in the same mortgage loan
• Complete the repairs after you close on your home
• You don't have to refinance once repairs are made
• FHA home restoration loans offer a low fixed rate, unlike construction loans

The 203(k) Advantages:

• Quality with as little as 3% down
• Cash needed for the repairs is built into the loan amount
• Loan amount is based on the "As-improved" value

Eligible Home Improvements
The 203(k) loan covers a range of home improvements. These include, but are not limited to, the following:

• Remodeling bathrooms or a kitchen
• Replacing a roof, gutters, and downspouts
• Adding a family room, bathrooms or bedrooms
• Replacing flooring, tiling or carpeting
• Completing a basement or attic conversion or adding a second story
• Upgrading plumbing, heating and air conditioning or electrical wiring
• Adding or repairing siding or painting   

For additional 203k Rehab loan facts, click: 203k Facts.
To find an approved 203k HUD Consultant, click here.
New RESPA Handbook

Advanced Restoration Corporation is a full-service Restoration Contractor with the ability and 203(k) knowledge to provide complete Rehabilitation & Restoration services to your new home!

For more information about 203(k) loans and mortgage professionals authorized to generate FHA 203(k) loans, please contact Gary Matzelle at (516) 903-4107, or Click Here.

Advanced Restoration is a Preferred Service Provider for Insurance Carriers, Property Managers, and a Concierge Service Provider for Real Estate Companies in New York.

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