THE PURPOSE OF THE FHA MORTGAGE LOAN
To provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.

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WHAT QUALIFICATIONS MUST THE BORROWERS MEET?
The borrower must meet standard FHA credit qualifications. The borrower is eligible for approximately 97% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium. Eligible properties are owner occupied properties.

203(k) MORTGAGES (Rehabilitation Financing)
What is a 203(k) loan? The 203(k) loan provides a way to purchase or refinance a home and permits you to finance home improvements in the mortgage loan.

A 203(k) rehab loan allows you to roll the costs of property acquisition and renovations (or refinancing and renovations) into a single mortgage loan. It requires only 3% down!

Whether purchasing or refinancing, our 203(k) program allows homeowners to make improvements to their home or condo while financing the cost of repairs into a permanent mortgage. No other financing is necessary and the loan is fully disbursed in one closing before the repairs are made. The mortgage amount for these loans is based on the projected value of the property when the work is completed.

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