FHA 203(k) LOANS – BUY AND RENOVATE YOUR HOME ALL IN ONE EASY LOAN – WITH A GREAT RATE!

Suppose you find a house you absolutely love, but it needs an updated kitchen or bathroom, or just simply needs new carpet and paint…well no worries!

The 203(k) loan allows you to acquire the “fixer-upper” and make it your own.  The 203(k) program is perfect for buying dated properties, foreclosures, or short sales that have been neglected or need some TLC.

There are two types of 203(k) loans – the regular 203(k) and the Streamline 203(k).  The main difference between the two is dependent on the scope of the repairs/renovations and consultant requirements.  If your scope of work exceeds $35,000 or includes items like mold remediation or major structural changes to the property, it requires a full 203(k).  You will have licensed 203(k) consultant help you by providing a feasibility study, assist you in developing  your scope of work for the property, and they will provide you with a budget and bid package so you can select a contractor and know what to expect from a cost standpoint.  This is especially helpful for those who are not as experienced in doing home renovation projects.  If your list of repairs/renovations is less than $35,000 and does not require a consultant, then the Streamline 203(k) simply requires you obtain estimates from licensed contractors and you are on your way!

If you have any questions about this wonderful program, please let me know.  I have been processing 203(k) loans since 2003 and would love nothing more than to share my knowledge and experience with you, walk you through each step of the process and help you achieve your goal of buying and renovating a home to make it into the home of your dreams!

Don’t forget, we lend in Maryland, Pennsylvania, Virginia, West Virginia, and Delaware.  All in-house local processing, underwriting, closing and funding.  Your loan stays in our office from start to finish.  Compare our rates with anyone out and see how competitive we are.  Happy house hunting!

VA Loans - No Down Payment – No Monthly Mortgage Insurance

VA Loans in Maryland, Pennsylvania, and Virginia – No Down Payment – No Monthly Mortgage Insurance

Who is eligible for getting a VA loan?

The VA loan is available to veterans, active duty service members, and reservists.  Your VA eligibility can be verified through VA directly or you can contact a VA Lender who can verify your eligibility for you.

Why use VA?

1. VA is one of the only mortgage products left that allows NO DOWN PAYMENT – that’s right 100% financing
2. There is no required Mortgage Insurance
3. The credit qualifications are easier than FHA and Conventional
4. Interest rates are GREAT

I am a VA Approved lender and work for a Baltimore based local community bank that has been around for over 100 years!  We process, underwrite, close, and fund VA loans in-house.  We know the local real estate market.  We are VA experts.

If you are moving to the Maryland, Virginia, or Pennsylvania area and are part of the BRAC realignment, we have additional incentives for you as well.  How about free money to pay for your closing costs?  Ask us about the BRAC Homeownership Incentive.

Contact the Stuart Epstein team for more details….