Property Damage & Disaster Restoration Blog: Long Island & New York City

203(k) Loan Application Process

Posted on Sat, Apr 25, 2009 @ 11:06 PM

The 203(k) Rehab Program is available through FHA approved lenders and is available in New York.

Here is a brief summary that provides the process for homeowners interested in applying for a 203(k) loan:

  1. Homebuyer Locates the Property.
  2. Preliminary Feasibility Analysis
  3. Sales Contract is Executed
  4. Homebuyer Selects Mortgage Lender
  5. Homebuyer Prepares Work Write-up and Cost Estimate.
  6. Lender Requests HUD Case Number
  7. Plan Reviewer Visits Property
  8. Appraiser Performs the Appraisal
  9. Lender Reviews the Application
  10. Issuance of Conditional Commitment
  11. Lender Prepares Firm Commitment Application
  12. Lender Issues Firm Commitment
  13. Mortgage Loan Closing
  14. Mortgage Insurance Endorsement
  15. Rehabilitation Construction Begins
  16. Releases from Rehabilitation Escrow Account
  17. Completion of Work/Final Inspection

Advanced Restoration Corporation is a full-service 203(k) restoration contractor with the ability to provide complete Rehabilitation & Restoration services to your new home! We work closely with all FHA approved lenders and are committed to providing professional service throughout the NY Metro area.

For more information about mortgage companies authorized to generate FHA 203(k) loans, please contact Gary Matzelle at (800) 693- 6263 or send an email to gmatzelle@advancedrestoration.com

Tags: 203(k) loan, remodeling, advanced restoration, advanced restoration corporation, reconstruction, restoration, emergency service, homeowner tips, disrepair, rebuild, home repair, fire protection

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