New York (PRWEB) May 12, 2010
Real estate property owners can fix a house, condo or a mixed use property and finance most of the improvement expenses with one low interest 203k renovation loan. This is a very good product for those who buy REO or a short sale property, or currently live in a house and would like to renovate inside or outside but do not have money.
Great Northern Mortgage is pleased to provide consumers with the Home and Condo Renovation Loans for New Kitchens, Bathrooms, Basements, Roofs, Decks and Other Items. With a 203K loan the borrower can get just one New York FHA loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.
Below is the summary of the 203k renovation New York FHA loan:
Eligible Properties: 1-4 Family, Condo, Mixed-Use*
Minimum Down Payment: 3.5% of the loan amount including repairs and closing cost
Type of Transactions: Purchase and Refinance
Types of 203k loans: 203k Streamlined and 203k Standard
203(k) Streamlined: Streamline renovations do not allow for structural repairs and are limited to a total of $35,000.00 in hard and soft costs. There is no minimum dollar amount of streamlined loans, but repairs are limited to repair, replace, and update of items.
203(k) Standard: Loans with more than $35,000.00 in repairs and/or property repairs that require structural improvements are standard 203(k) product. There is a minimum requirement of $5,000 in eligible improvements on the subject property. All standard 203K loans require the services of a consultant.
The Streamlined (k) program includes the following improvements and/or repairs:
- Repair/Replacement of roofs, gutters and downspouts
- Repair/Replacement/upgrade of existing HVAC systems
- Repair/Replacement/upgrade of plumbing and electrical systems
- Repair/Replacement of flooring
- Minor remodeling, such as kitchens, bathrooms (no structural repairs)
- Painting, both exterior and interior
- Weatherization, including storm windows and doors, insulation, etc.
- Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
- Accessibility improvements for persons with disabilities
- Lead-based paint stabilization or abatement of lead-based paint hazards
- Repair/replace/add exterior decks, patios, porches
- Basement finishing and remodeling, which does not involve structural repairs
- Basement waterproofing
- Window and door replacements and exterior wall re-siding
- Septic system and/or well repair or replacement
The 203(k) Standard New York FHA loan program includes everything mentioned in the Streamline (k) program plus the following:
- Structural repairs and alterations – includes additions to the structure
- Major landscape work and site improvement – patios and terraces that improve the value of the property
- Tree removal if the tree presents a hazard to the occupants
- Accessibility improvements for accessibility for persons with disabilities
Ineligible work items
- Items that will not become a permanent part of the property are not eligible
- Luxury items are not eligible – Examples are: new swimming pools, exterior hot tubs, saunas, spas, tennis courts and barbecue pits.
Buyers who entered into a binding contract for a principal residence on or before April 30th must close on the home by June 30th in order to be eligible to receive $8000 tax credit according to the provision of the Worker, Homeownership and Business Assistance Act of 2009. This applies to all conventional, government and state housing programs.
Great Northern Mortgage Corp. can assist consumers immediately in applying for the 203k renovation New York FHA loan and many other real estate financing programs. They are a member of New York Association of Mortgage Brokers and Better Business Bureau. Call them now 888-9LOAN99 or visit their website http://www.GetLowRate.com to secure your financing and $8000 tax credit today.
To learn more, visit http://www.GetLowRate.com or call 888-9LOAN99.
About Great Northern Mortgage Corp. (http://www.GetLowRate.com):
Great Northern Mortgage was formed in 2004. The company was founded by Igor Noble, real estate and bank attorney in the state of New York. Mr. Noble was involved in real estate financing and acquisitions since 1994. Great Northern Mortgage provides loans for commercial and residential acquisitions, refinancing of existing commercial and residential properties. Great Northern Mortgage offers from conventional financing and FHA products to construction, hard money and rehab loans.
(An http://IPRWire.com Press Release)
Name: Igor Noble
Address: 68-60 Austin St., Suite 302
City: Forest Hills
Web Address: http://www.GetLowRate.com
Business Blog: http://iblogit.com/getlowrate
Phone: 888-9LOAN99 (888-956-2699)