The 203K Rehab Loan
The FHA 203 (k) loan program allows a borrower to finance in all the costs of rehabilitating a property. It allows an FHA borrower to take advantage of purchasing a property that wouldn’t normally be FHA financeable. This program is a tremendous tool for you as a seller as well. Property condition issues won’t hold up your escrow because any FHA conditions that would appear on an appraisal will be addressed by the borrower’s financing program and after the close of escrow.
Please also be aware that Mason-McDuffie Mortgage Corporation has a Full Eagle status with HUD and is therefore fully delegated to underwrite all FHA/VA loans through its in house banking. This significantly cuts back on the normal delays that brokers/bankers are experiencing today with processing government loans. Our average close on FHA is 21 days. I am available to furnish references should the sellers or their agents have any concerns with regard to this fact.
At First California Mortgage we understand that information is your key to a successful transaction and so I’m always available to answer any loan questions that you may have.
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