Mortgage Elements Helps Mortgage Brokers Rediscover FHA’s 203k Rehab Program As Loan Applications Decline
Chicago, IL July 31, 2013 (PRWEB) July 31, 2013 -- Rising interest rates have taken a toll on the Mortgage Industry causing loan applications to decline. Looking for ways to bolster business, Mortgage Brokers are rediscovering FHA’s 203k Rehab Program as a way to generate new applications and establish new customer relationships. However, many 203k lenders have exited the industry, discontinued offering the program, or contracted the geographic area for 203k lending. The good news is that there are lenders still offering FHA 203k Rehab loans and Brokers are using Mortgage Elements to find those lenders. http://www.MortgageElements.com has one of the industry’s most complete lists of lenders offering 203k loans through the Wholesale channel.
The 203k program comes in two varieties – the Standard program and the Streamline program. The Standard program, affectionately called “The Full K” by lenders, allows buyers and homeowners to borrow more money for larger rehab projects. The Streamline program, referred to as “The Streamlined K”, allows for a maximum $35,000 for rehab work, has more lenient requirements, and less paperwork. Both programs allow a 6 month Rehab period but extensions are typically available if the project gets delayed. Though the guidelines for the 203k program are uniform from FHA, each lender may include additional underwriting requirements and overlays based on their perceived risk in each geographic market. These differences can make it difficult to locate a Wholesale Lender with a 203k program compatible with a particular rehab project and borrower’s needs. Mortgage Elements makes it easy for Brokers to research the differences and nuances of each lender’s 203k program guidelines.
The 203k is a win - win - win for all involved parties - the Borrower, the Broker, and the Lender. It’s a great deal for the borrower looking to buy their first fixer-upper and it’s an excellent opportunity for the Broker and lender to establish a new customer relationship. It’s also another way to help the housing market recover by clearing the inventory of foreclosed homes that need updating and repair.
There are many Mortgage Brokers with extensive experience in 203k lending and other Brokers looking to learn about the opportunities and pitfalls of the program. In either case, http://www.MortgageElements.com is the best place to start researching 203k lenders. All it takes is a few clicks on a computer to discover new lending opportunities for Mortgage Brokers and their customers.
About Mortgage Elements Inc.
Mortgage Elements Inc. is an Internet Marketing company that provides marketing, database, search, and consulting solutions for the Mortgage Industry through its website http://www.MortgageElements.com. The Company uses a unique website design optimized for touch screen technology and use on mobile devices, desktop, and laptop computers. Mortgage Elements is a B2B company for the Mortgage Industry and not a lender.
Contact Information
Mark Paoletti – Founder / President
Mortgage Elements Inc.
630-529-3755
http://www.MortgageElements.com
Mark Paoletti, Mortgage Elements Inc., http://www.MortgageElements.com, 630-529-3755, [email protected]
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