Fha 203k Loan Manhattan | Construction Loan Manhattan - What Are They & How Do They Work?





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Published on Oct 3, 2014

FHA 203K loans Manhattan Construction Loans Manhattan call (866) 507-8135 or visit http://www.prorenovationloans.com

The FHA's 203k loan allows single families to renovate and repair their properties. This is a great tool to expand home ownership in the United States including the Manhattan and neighboring communities. Often times these mortgages are called construction loans, rehab loans, home remodeling loan, home improvement loans, or renovation loans. Whatever you want to call it, it is a great home loan.

These loans meet the needs of many home buyers out there. The loan covers both the rehabilitation and the acquisition of the property by insuring a long term, single, adjustable or fixed rate loan to lenders and borrowers. No need to have a costly interim loan with balloon payments and high interest rates. You will save both money and time when using the features of this type loan.

Part of the loan is used to pay the seller, and the remaining amount is used to pay for the rehabilitation as it happens. Part of the money can, if needed, be used to pay off an existing mortgage as well. The total value of a particular property must be within the FHA's mortgage limit for that particular area and have a certain amount of rehab costs. The loan proceeds may be used to finance minor changes or a complete reconstruction. The mortgage can also be used to pay for the rehab of a home's section that will be used for non-residential purposes.

Fha 203K Loans Manhattan Construction Loans Manhattan

These are some of the improvements a FHA's 203k loan's borrower can use funds for:

- Reconstruction and structural alterations.
- Improvements and modernization of a home's function.
- Getting rid of safety and health hazards.
- Changes that eliminate obsolescence and improve appearance.
- Replacing or reconditioning plumbing.
- Improvements in energy conservation.
- Enhancing disabled-person accessibility.

An appraisal must be done to figure out the maximum mortgage amount. This analysis will consist of two separate appraisals that will be recorded on 2 separate appraisal packages. The first appraisal is an as-is value process, meaning an appraisal of the property's present condition. Another appraisal has to do with the value after rehabilitation, meaning the value of the property after improvements or/and rehabilitation has been carried out. Either the Underwriter or the Review Appraiser will determine the property's as-is value by using the 2 appraisals and by adding up the rehabilitation costs, which will complete the after-rehabilitation value for mortgage insurance purposes.

So if you are looking for an Fha 203K loan in the Manhattan area, Renovation - Home Improvement Loans are the best kept secret of the mortgage industry. At ProRenovationLoan.com you can learn about and speak with a Pro Lending Expert regarding all of the loan products available for a a combined loan for purchase and home improvement money in one loan, to build a new house or to renovate your existing home. There are several loan products and they go by various names, Home Improvement Loans - Construction Loans - Renovation Loans - FHA 203K Loans - Fanniemae Homestyle Loans - we can explain them all and help you decide which one is right for you.

Other searches that helped you find this video:
Home remodeling loan
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