Mark is certified in 203(k) Renovation Lending. The programs include FHA 203k and Fannie Mae Homestyle. These programs particularly well suited for buyers of fixer-uppers and REOs in need of repair. Homebuyers can finance both the purchase and future repairs on their new home with one loan.
With both the Fha 203k and Fannie Mae Homestyle the amount of money you are permitted to borrow for the purchase and renovations is based on the increased value of your home after improvements are made. Also, because renovation costs are spread throughout the entire term of the loan, monthly payments are often lower than other financing options. With an FHA 203k, there is also no need to delay improvements. You can start in immediately after closing. Another great feature is the loan's simplicity - one application, one set of fees and closing costs, one closing to attend and one payment each month.
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