Given the significant number of bank-owned properties for sale, predicted to dramatically increase during the next 12 months, FHA 203K purchase loans are the perfect financing vehicle for homeowners seeking the value proposition offered by REO homes.
(PRWEB) June 16, 2011
Guaranteed Home Mortgage Company, Inc. (Guaranteed, http://www.ghmc.com), a national residential mortgage investment and banking firm, today announced it will be promoting some of the advantages of FHA 203K loans for home improvement.
With the decreased availability of traditional loans and the reduced equity of homeowners, many of them underwater, the company views the FHA program as the ideal alternative for those contemplating major renovations. Several supporting statistics were cited for its new focus including the status of today’s housing stock, with 80 percent of U.S. homes more than 20 years old, and the virtual disappearance of second-mortgage loans with second lien production also down 80 percent since 2008.
David Wind, President and CEO of Guaranteed Home Mortgage Company, said, “Given the significant number of bank-owned properties for sale, predicted to dramatically increase during the next 12 months, FHA 203K purchase loans are the perfect financing vehicle for homeowners seeking the value proposition offered by REO homes. Home buyers seeking to purchase bank-foreclosed properties are empowered by the FHA 203K program, as their ‘perfect’ home can be purchased in less than perfect condition with a single close loan product that allows repairs and remodeling.”
Mr. Wind went on to observe that banks typically offer REO properties at a discounted price in “as is” condition. A potential homebuyer can purchase, repair, remodel or improve a property with the FHA 203K program Guaranteed offers.
Founded in 1992, Guaranteed has grown rapidly since its inception. It was listed in the Inc. 500 list of fastest growing companies in the nation and maintains a weekly blog at http://www.ghmc.com/blog/ with advice both for homebuyers and mortgage professionals.
For more information, please contact Kelley Berkheiser at 914-696-3400, visit http://www.ghmc.com or write Guaranteed Home Mortgage Company, Inc., 108 Corporate Park Drive, Suite 301, White Plains, NY 10604.
About Guaranteed Home Mortgage Company
Founded in 1992, Guaranteed Home Mortgage Company (Guaranteed), a licensed mortgage investment and banking firm, is comprised of more than 300 mortgage professionals lending in 26 states. The company, previously named in the Inc. 500 list of the fastest growing companies in the United States, provides residential mortgage financing to a wide variety of consumers and real estate professionals.
David Wind, an attorney, is Principal and President of Guaranteed. Previously, he served as a financial analyst of mortgage-backed securities at Citicorp Investment Bank and clerked in the real estate finance department of the New York State Attorney General’s Office.