Atlanta, GA (PRWEB) December 1, 2008
Katz Mortgage Team, http://www.KatzMortgageTeam.com, backed by Fairway Independent Mortgage Corporation, has announced they are now offering a new FHA-insured mortgage program developed by HUD, called the "Streamline (k)" Limited Repair Program that permits homebuyers to finance up to an additional $35,000 into their mortgage to rehab or improve their home.
With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. All standard FHA underwriting guides apply as they do for regular FHA loans in regards to credit, income & asset documentation, as well as the use of automated underwriting systems and manual underwrites.
Stephen Katz, of Katz Mortgage Team, states, "With the current economic times negatively affecting the real estate market there are thousands of foreclosed and undervalued properties available. The downside is that many of these real estate bargains need some work before a lender will close on them. Banks are reluctant to spend money on a house they just got burned on, so the homes just sit on the market. Now with the FHA Streamline Rehab Program, a buyer can close on the house and do the work shortly after closing."
Even if the needs were just cosmetic and the lender allowed the transaction to close, borrowers previously had to pay any repair costs directly out of their own pocket after closing. "For example," continues Katz, "let's say you find a great property for $100K, but it needs $30,000 worth of repairs to make it livable. This new FHA Streamline 203(k) rehab program allows you to borrow 97% of the "after repair" value of $130,000."
Although some types of renovations, such as new room additions and major remodeling projects, are ineligible for coverage under the Streamline 203(k) loan, many common improvements are included such as: repair/replacement/addition of roofs, gutters and downspouts, plumbing and electrical systems, flooring, decks, patios, porches; exterior and interior painting; minor kitchen remodeling; weatherization projects; purchase and installation of appliances such as ranges, refrigerators, washer/dryers, dishwashers, etc.; accessibility improvements for the disabled; basement finishing, remodeling, and waterproofing, and more.
About Katz Mortgage Team
Katz Mortgage Team, backed by Fairway Independent Mortgage Corporation and headquartered in Atlanta, Georgia, is a high-performance team of top mortgage professionals with a commitment to providing the highest level of personal service to customers across the nation. As a full-service residential mortgage lender, Katz Mortgage Team specializes in residential mortgages, refinancing, FHA Rehab loans a wide variety of programs attractive to both first-time homebuyers and the seasoned borrower. Katz Mortgage Team operates in the following states: GA, FL, NC, SC, TN, VA.
About Fairway Independent Mortgage Corporation
One of the largest correspondent lenders in the country with over 80 offices nationwide, and closing over $1.5 Billion in residential mortgages in 2007, Fairway is a company where customer service is a way of life, and the goal is to streamline the loan process, expedite the paperwork, and do whatever is necessary to put customers at ease. Fairway Mortgage works with more than 150 lenders nationwide to find the most competitive rates and programs.
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