Bristol CT Foreclosure Properties
Worried that the prices of homes in Bristol CT may be out of your reach? You may want to look at foreclosure properties as a way to buy a home. There has never been a better time to line up your resources and educate yourself about this previously hidden market. It’s not unusual to save significant amounts on the market value on a foreclosure property. There really are bargains out there. You just have to know where to look.
What is a road block to buying Bristol CT Foreclosure Properties? Financing. Many homes need work to make them livable. Most home buyers think no mortgage company will offer a loan on a property that needs work and assume there is no way they can purchase a foreclosed property. That is where the FHA 203k mortgage comes in. It allows you to purchase a home that needs work and get the money you need to buy it as well as fix it up. All in one loan, all at one time.
Are you interested in buying Bristol CT Foreclosure Properties ? Call me to talk about how you could use an FHA 203k mortgage to purchase a property in need of repair.
Jon Sigler, Your FHA Mortgage Expert
There are some important features to remember when looking into a FHA 203K Rehab loan. These are great loans for buyers looking to purchase a foreclosure or short sale or for the home owner who wants to update or remodel there house. Below are a few important things to remember:
- FHA loans are for primary residences only- you cannot be an investor and try to get a FHA loan or a FHA 203K rehab loan. This is really important- I cannot tell you how many calls we get from investors looking to utilize this program and or skirt the system. FHA loans are for primary residences only!
- 2 types of FHA 203K loans- you can go with a Full K or the FHA 203K Streamline. I will explain these two loans in more detail in my next post. But for now just remember that you can only get up to $35,000 with the FHA 203K streamline and the repairs must be cosmetic in nature, nothing structural.
- Single close loan- unlike traditional construction lending you only have one closing with the FHA 203K loan. No need for construction loans and then permanent financing with the FHA 203K rehab loan you get all of this in 1 single close solution
- Up to 4 unit properties- you can use the 203K loan to finance properties from 1 to 4 units for both purchases and refinances.
- Down payment as low as 3.5%- down payments are the same for a regular FHA program as they are or the 203K.
FHA 203K rehab loans are a great alternative to second mortgages, home equity lines and construction financing. Finding an FHA lender who specializes in 203K's is very important. You do not want to be dealing with someone who just started learning this program- you need a seasoned lender who underwrites these loans in house.
Feel free to call me with any questions or if you would like to see if an FHA 203K rehab loan is right for you and your family. You can reach me anytime at 609-217-9409 or via email at email@example.com.
Jeff Onofrio - Licensed Mortgage Originator- NMLS #38670
Office 856-505-6717- Mobile 609-217-9409 firstname.lastname@example.org
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As quoted in the New York Times "A Little-Known Loan Program", and in the Hartford Courant "Moving In:Couple Combining Households Buys In Newington" and "Moving In... New Britain"
Connecticut Magazine 2013, 2014, 2015 Five Star Mortgage Professional Award Recipient