Discover FHA 203K Loans ...fixer upper loan

Discover FHA 203K Loans 

AFR Mortgage is pleased to offer Streamline 203(K) programs to home buyers and homeowners who are seeking to buy and rehabilitate owner occupied properties. These loans can also be used to refinance existing mortgages and rehab homes.

In many cases, buyers wanting to purchase and rehab fix up....properties are faced with having to first obtain a mortgages to buy the homes and then find additional financing to do the rehabilitation work. The rehab/construction loan is typically at a higher interest rate and amortized over a short window of time. One of the biggest benefits of FHA 203K loans is that borrowers can obtain a single loan at a long term fixed or adjustable rate. This financing option encompasses both the purchase of the residence and the funds needed for the rehab construction. The amount of the mortgage is calculated based upon the estimated value of the home once the work has been completed. Sound a little confusing? The mortgage professionals  are well versed in 203(k) streamline financing and can help guide you through the process.

203K Streamline Mortgage Highlights

• Intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. The total costs of repairs are not to exceed $35,000. There are no minimum repair costs.
• 203 K Refinance Loans - May finance up to 97.75% of the "to be improved value" or  "as is appraised value plus the total cost of all rehabilitation/repairs" (which ever is the lesser).
• 203 K Purchase Mortgage - May finance up to 96.5% of the "to be improved" value of the appraisal or 96.5% of the sales price plus the total cost of all rehabilitation/repairs (which ever is the lesser).
• AFR offers 203K financing on manufactured homes (mobile homes).

Additional terms and conditions may apply.