FHA 203k Loan Basics
The Rehab loan was created as a tool for community and neighborhood revitalization and for expanding homeownership opportunities.
Manhattan, Brooklyn, and Long Island have been experiencing a lot of renovation in the last few years. Areas that were once not in the best shape are now changing. One of the reasons is because of the FHA 203K loan, or the Rehab Loan. The Rehab loan was created as a tool for community and neighborhood revitalization and for expanding homeownership opportunities. Homes that in past would have been unattractive because of the cost of the work required to fix up that home, are now more attractive. The costs of bring that property back to life is now included in the loan, making it much more affordable to update the home. The FHA 203K program also has lower down payment requirements just like the traditional FHA loan of 3.5 %. The rehab loan is not limited to just purchases. You can also use it to refinance a property you already own. If you live in a home that’s in need of improvements but don’t have the money to do it a FHA 203K refinance could help.
I’m Nikitas Kouimanis and I am an expert when it comes to the FHA 203K program. I specialize in the communities of Manhattan, Brooklyn, and Long Island where there are a good amount of homes that this program is perfect for. If you've been looking to purchase a home I’m sure you’ve come across a home you really like but it’s in need of some work. This is where the FHA 203K loan comes in. It combines the mortgage and the cost of repairs. The FHA 203K loan amount is based on the projected value of home after the repairs have been completed. That way you have everything tied into one easy monthly payment.
To qualify for this loan program is just like a traditional FHA Loan. Where you have a down payment of just 3.5%, looser credit requirements, and much less paperwork, the only difference is with the FHA203K it just ties in the cost of repairs. You can use that extra money to remodel a bathroom, bedroom or kitchen. You can also use it to repair damaged floors or roofs. The possibilities are endless. Don't let a great deal on a home in an area you covet stop you because of the repairs required. This is also a great loan program for someone who is creative and wants to be able to customize a home. Living in Manhattan, Brooklyn, and Long Island there aren't very many opportunities to build custom homes, not without getting a more expensive construction loan. This will allow you to re-build parts of a home to your personal specifications at a much lower rate.
I've helped many people find incredible deals with this program. I also have the relationship with the best contractors in Manhattan, Brooklyn, and Long Island so you can be confident that the professionals who will be working on the repairs to your new home are competent and can turn your dreams into a reality. Please use my online application to see if you qualify for an FHA 203K loan.