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

Completing Your Dream Home with the FHA 203K Loan

Posted on Wed, Dec 09, 2009 @ 04:05 PM
Another challenge with the existing home inventory on the market is the condition of the property.  Whether it is REOs, foreclosures, short sales, or not, less people are presenting homes for sale in pristine condition.

The FHA 203k loan can help. The 203k can give the buyer the ability to have one loan to purchase and renovate their home at the same time.

Similar to a traditional mortgage with a construction loan added on top, the 203k can be used for the following:
  • Remodeling bathrooms and kitchens (even built-in appliances) 
  • Replacing a roof, gutters and downspouts
  • Adding a second story, afamily room,another bath, etc.
  • Completing a basement or attic
  • Upgrading plumbing, heating, air conditioning or electrical service
  • Installing new siding, energy efficient windows and doors
  • AND MUCH MORE!
It is important to hire a general contractor that is familiar with the 203k process and requirements.  Advanced Restoration Corporation, a 203k contractor, was recently featured on NBC News4 New York regarding 203k loans, along with Continental Home Loans.

For more information on 203k loans in New York, please contact the following:

203k Contractor:
Company:  Advanced Restoration Corporation
Contact:  Gary Matzelle
Phone:  (516) 903-4107
Email:  [email protected]

Mortgage Banker:
Company:  Continental Home Loans
Contact:  Robert Flower
Phone:  (917) 584-9292
Email:  [email protected]

Looking for REO/Foreclosures?
The REO People
Thomas Becker (Licensed Real Estate Salesperson)
Phone:  (631) 873-8150
Email:  [email protected]

Tags: disaster, foreclosure, 203(k) loan, property damage, restoration companies, fha, hud loan, reconstruction, restoration, homeowner tips, restoration company, disrepair, resources, refinance, 203k, hud, 203k streamline, rehab

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