Streamlined 203K Mortgages In New York
With recent updates to the 203K program, 203K mortgages have become far less complicated and involve less paperwork than before. The new process allows the rehab funds for the property to be rolled into the loan to make it an all in one mortgage. Some of the new guidelines allow the borrower to do some of the needed repairs themselves as long as they are able to and it is not a structural issue.
Once you begin looking for property that will qualify for this program, it is wise to contact our mortgage company Centex Capital Corp. to help you navigate the new policies and requirements. Some of the 203K mortgages allow for the entire building to be torn down right to the foundation and be rebuilt along the current building codes. While this may seem to be an extreme case, it has happened before.Properties that are in need of extensive repair may sit on the market until they become unsafe to inhabit, this is why the program is needed.
Mortgages in New York may be hard enough to apply for without having to show the repairs the property will need just to be worth the loan amount. The 203K mortgage program allows potential homeowners to purchase and repair these homes that otherwise may be torn down in time. Using our services, you will be able to find and purchase the home you want, and repair it to be the home of your dreams. They will help you with the necessary paperwork and inspections as well as show how to meet the Federal requirements to qualify for this program.
This program may be a viable alternative to standard mortgages in New York that will allow buyers to revitalize neighborhoods and save older homes from the wrecking ball.
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