203(k) Renovation Financing

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Presentation transcript:

203(k) Renovation Financing

Introducing the 203(k) Mortgage OPPORTUNITY: Your customers found a home that they love, but it needs some work. SOLUTION: The 203(k) Renovation Loan Program provides homeowners with a cost-effective way to live in their dream home. GSM Dialogue: GSM to ask for show of hands. GSM to share a recent success story that fits this profile. 2

Information and Eligibility FHA 203(k) renovation financing is a government program that is part of the FHA family of loan programs. Certain repairs and upgrades can be part of the mortgage. Down payment is 3.5% of the purchase price, plus the cost of upgrades/repairs. Same FHA qualifications.

Buyer Profiles Perfect for customers looking to: Turn a house into a dream home or buy a home that’s in the right area to renovate. Add/increase size of bedrooms, bathrooms, kitchens and other living space. Replace/upgrade the flooring, fixtures, bathroom, kitchen, appliances, heating, septic, plumbing and electrical systems. Use low-cost financing to replace the aging roof, exterior, windows and doors. Renovate and earn equity.

Features One mortgage that covers the purchase and renovations. Renovations begin after the loan closes. All bundled in one application and one closing. The appraisal is based on the estimated property value after the planned improvements are made.

Benefits for Your Buyers Have more money to work with. Pay for the renovation gradually and affordably over the loan term. Pay less for the tax. The interest you pay on funds used is tax deductible. Hassle free.

FHA insured mortgage for the purchase or refinancing of: Eligibility FHA insured mortgage for the purchase or refinancing of: A one- to four-unit residential property that’s in need of repairs or upgrades: Structural damage, additions, finishing attics and basements. Remodeling bathrooms and kitchens. Eliminating health and safety hazards. Replacing plumbing, air conditioning, roofing, flooring, septic and electrical. Some mixed use properties also qualify for the program.

The 203(k) Renovation Loan program can help you close more sales. Now You Know … The 203(k) Renovation Loan program can help you close more sales. Close sales on less-than-perfect property. Purchase and renovation all handled in one transaction. One application. One closing.