NJ-PA-DE-MD-VA Rehab loans – NJ FHA 203K

While most FHA lenders look down on repair escrows and wanting to hold back money on loans the easy way around this is the FHA 203K rehab loan.  I am located in Mt. Laurel, NJ and recently my Realtors have been asking specifically for FHA 203K rehab loans because the banks are now requiring this as a condition to accepting an offer on bank owned properties, why? 

This is simple- most foreclosures have work that needs to be done in order to satisfy HUD/FHA minimum property requirements.  You cannot get around this with a typical FHA loan and the options are limited.  FHA 203K loans allow you to do both minor and major repairs on the property.  And get this- they allow you to go up to 110% of the appraised value of the property after rehabilitation. 

Who thought that 100% + financing was dead!  Its not and FHA will allow you to do this with only 3.5% down on purchase.   

If you are considering buying a foreclosure property or thinking you might like to rehab your current one contact me and I will be happy to run through with you your options using an FHA 203K loan.

Jeff Onofrio – Village Home Mortgage – 856-505-6717 – jonofrio@village-capital.com


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