FHA 203(k) program helps finance repairs in conjunction with a mortgage
CHARLOTTE, N.C. (August 8, 2011) – You’ve found the perfect home, but it needs a little love. How do you finance the home and still pay for the necessary repairs?
An FHA 203(k) Renovation Loan may be just the answer. Now offered by Allen Tate Mortgage (mortgage.allentate.com), the FHA 203(k) is designed to help qualified borrowers purchase or refinance a home in need of repairs or updating, and finance the cost of those repairs through the mortgage – streamlining the process with a one-closing loan.
The program allows the borrower to finance the repairs or improvements. Work must begin within 30 days of closing and be completed within six months. Rehabilitation funds are escrowed and paid to contractors as work is satisfactorily completed. The FHA 203(k) Renovation Loan is only available for owner-occupied primary residences, and a minimum down payment of 3.5 percent is required.
“The FHA 203(k) loan offers a great option for buyers considering a foreclosure, short sale or other home that may be in need of repairs, or a refinance option for existing homes in need of a new HVAC system, roof, appliances, deck or even fresh paint,” said Chris Cope, president of Allen Tate Mortgage.
For more information, contact Renovation Loan Specialist Don O’Dell at 704-547-5627 or firstname.lastname@example.org, or any Allen Tate Mortgage Consultant or Realtor.
# # #
As the leading real estate company in the Carolinas, Allen Tate Company offers Allen Tate Mortgage Services (ATMS), a full-service mortgage banker representing America’s top lenders. ATMS offers in-house loan processing and underwriting for ultimate customer convenience and satisfaction.
Allen Tate Realtors is the Carolinas’ largest real estate company with offices in the Charlotte, Triad, Triangle and Upstate South Carolina regions. Allen Tate offers the advantage of hometown service with international capabilities and the latest in real estate technology and maximum marketing exposure. Visit www.allentate.com for more information.