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Picture The Potential Flyer
- 1. T H E F H A 2 0 3 K L O A N R E H A B I L I TAT I O N P R O G R A M Before Picture the Potential The FHA 203k loan rehabilitation program allows homebuyers to acquire the funds needed for the purchase or refinance of a home and the repairs and remodels of their choice all in one single loan. What does a 203k loan include? After • Mortgage amount includes: - Cost of rehabilitation - a minimum of $5,000 in eligible repairs is required - Up to 6 mortgage payments during completion of construction - Upfront mortgage insurance premiums - 203k consultant fee - Cost of inspections, title updates, and permit fees • Money is released to contractor in draws as work is satisfactorily completed • Escrow is set up for the estimated cost of materials and labor to complete the rehabilitation, plus 10%- Realtor® Benefits of the 203k 20% contingency reserve - Escrow for repairs earns interest, payable to • Increases sales and income borrower • Quicker decisions by buyers • Renovations must be made by a FHA certified • Gives you a financial tool that will help your buyers contractor. • Increases your credibility as an agent Call Jill Webb with CB Title today to see how you can start increasing your sales and Buyer Benefits of the 203k moving your listings faster with the CB Title • Obtain one loan covering mortgage and remodeling work with 203k “Picture the Potential Marketing a low down payment and low interest rate Package” • Renovations must be completed within 6 months of closing • You decide how to remodel to match your taste and lifestyle Jill Webb • Take advantage of under market value homes. In most CB Title cases you can build immediate equity once the remodeling is Director of Business Development (719) 684-6547 complete Jill.Webb@CentralBancorp.com • Can be combined with the first time home buyer $8,000 tax credit if home is purchased on or before November 30, 2009 Financing provided by Bev Creswell with CB&T Mortgage. (719) 228-1082 Renderings provided by Stauffer and Sons Construction, a certified FHA contractor. www.StauferandSons.com