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:
- Homebuyer Locates the Property.
- Preliminary Feasibility Analysis
- Sales Contract is Executed
- Homebuyer Selects Mortgage Lender
- Homebuyer Prepares Work Write-up and Cost Estimate.
- Lender Requests HUD Case Number
- Plan Reviewer Visits Property
- Appraiser Performs the Appraisal
- Lender Reviews the Application
- Issuance of Conditional Commitment
- Lender Prepares Firm Commitment Application
- Lender Issues Firm Commitment
- Mortgage Loan Closing
- Mortgage Insurance Endorsement
- Rehabilitation Construction Begins
- Releases from Rehabilitation Escrow Account
- 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 firstname.lastname@example.org