Need renovations? Choose the 203(k) loan

April 15, 2010

In today’s market, it seems as if loan programs keep going away. This isn’t the case at Metro Brokers Financial (MBF). In addition to FHA, VA and Conventional loan products, MBF has a variety of other specialty loan programs that can offer homebuyers even better opportunities in particular situations:

Streamline 203(k) Loan

This FHA loan was specifically created for homebuyers looking to finance renovations in addition to their purchase. The loan allows homebuyers to finance up to $35,000 in repairs/improvements with no consultant required. There is also no minimum amount of repairs on the loan.

Common improvements under the Streamline 203(k) FHA Loan includes new free standing appliances, interior and exterior painting, energy efficient improvements, flooring, carpeting, tile and other improvements that are a permanent part of the real estate.

Plus, the borrower can choose their own contractor as long as they are licensed and insured as required by the municipality. Work begins after closing with up to 50% of payment available upfront. After work is done, a final inspection is required.

Eligible properties include 1-4 owner occupied properties, townhomes, condos (interior only), row homes and HUD homes.

A full-service mortgage company founded in 1990, Metro Brokers Financial is the in-house mortgage company for Better Homes and Gardens Real Estate Metro Brokers and serves the 20-county Atlanta region through 23 area offices. The Atlanta Business Chronicle (ABC) and the Georgia Association of Mortgage Brokers (GAMB) have named MBF as the number one residential mortgage broker for five straight years.

This loan program may only be available for a limited time, so contact your MBF loan officer today at 404.847.2525 for further information or visit www.metrobrokersfinancial.com.