Searching for a rehabilitation loan?
Have you heard of a FHA 203K, a
rehabilitation loan that will bring the property up to FHA Standards
while minimizing your down payment and your cash out of pocket for
repairs.
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Searching for this... |
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Found this... |
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No Problem! The FHA 203K can finance the
rehabilitation, helping you buy a dungeon and create a
castle. |
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Get more info on a
FHA 203k. |
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If you haven't heard of the FHA 203(k), you may be
missing out on a real estate opportunity.
Many people avoid FHA loans
because of the requirements on property conditions, also, they find it
difficult to negotiate on REO's for repairs. Therefore, many home buyers
are missing out on the opportunities that bank owned properties present.
At Sun American Mortgage, we provide a complete solution, everything
from the loan to preferred partners that will complete the work and
request draws for the work done.
That's right, no cash out of pocket from the buyer for
renovation work.
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Minimum Rehabilitation: $5,000 |
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Loan: $346,250 in Maricopa and
Pinal Counties |
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Down Payment: 3.5% |
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Seller can pay closing cost
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Appraised as if
improvements were complete |
Sun American Mortgage's Preferred Partner's Program:
Our preferred partners work with Sun American Mortgage on a draw
schedule,
thus eliminating cash out of pocket from the borrower for the
renovation.
Sun American has selected only the best, our construction partners have
maintained a reputation of excellence for 30+ years, winning the JD
Powers Customer Service Award for three straight years.
Sounds awesome and it is. Don't let the property condition keep you
from selling a home, call us today for more details.
Get more info on a
FHA 203k.
Recent Interview with
Christopher Sign on Channel 15 news:
Mesa company uses mortgage to combine home repair costs
Reported by:
Christopher Sign
Last Update: 5/29/09 5:58 am
"Basically, if you purchase a home for $100,000
and the work you want done costs $20,000, your new purchase price for
the home is $120,000."
said Judi Gustin, a loan officer
with Sun American Mortgage Company.
Gustin says a buyer can use the FHA program to borrow
up to $346,250 and must put 3.5 percent down.
"And you have to spent at least $5,000 to repair or
upgrade the home," said Gustin.
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Sun American Mortgage
4140 E Baseline Rd. Ste 206
Mesa, AZ 85206
BK BR 7548
NMLS# 160265
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Recent News Articles:
Buyers flocking to cheap foreclosed homes
by
Catherine Reagor - Mar. 22, 2009 12:00 AM
The Arizona
Republic
"Homeowners can take the purchase price of a foreclosure
home and add the home's rehab cost to come up with an adjusted sales price,"
said Reg Gustin of Mesa-based Sun American
Mortgage. "Buyers can finance the
adjusted amount through FHA if the property appraises for that much."
Via Homes joins Sun American Mortgage
in effort
by Angelique
Soenarie - May. 28, 2009 12:00 AM
Arizona Business Gazette
"Last year, we saw that this wasn't going
to go away and that it's a reality, and we started to diversify," said
Judi Gustin, a senior loan officer for the company.
"The reason that this has become popular
is because of the foreclosed properties that sit vacant and have a higher rate
of damaged properties. "
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