What Type of 203k Loan Will Benefit You The Most?

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What Type Of 203k Loan Will Benefit You The Most?
NMLS ID 2856
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• FHA 203K home loan program is intended for those
  borrowers who wish to cover both the purchase and
  renovation costs under one program. The primary
  focus of this program is revitalization and home
  improvement.
• Depending on the requirement of the borrower and
  the kind of repairs the home needs, these loans
  are classified under 2 categories
• Streamline 203K Loan
• Standard 203K Loan

NMLS ID 2856
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Streamline 203K Loan Standard 203K Loan
An FHA Streamline 203K loan is used when the cost of repairs and renovation is up to 35,000. A Standard or Regular 203K mortgage is used to finance the extensive and major repairs of property.
Streamline 203K Loans are for minor and cosmetic changes Standard Loans cover all complex and structural changes.
The property should be habitable for the entire period of renovation. If the home is not acceptable for living in during renovations, it calls for a Standard 203K Loan.
Easy settlement options are available under Streamline 203K Rehab Loans. Settlements are looked after by an assigned consultant.
Minor repairs to the roof, floor coverings, painting, weatherization of windows, basement renovation, and waterproofing are a few examples covered under this loan. Significant home rehabilitation, new construction, additions, and architectural changes are a few examples covered under a Standard 203K Loan.

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The bottom-line is that both types of loans have
a different set of requirements and benefits.
Drew Mortgage Associates, Bostons top mortgage
dealers are experts in helping applicants select
appropriate loans for their situations and
helping them qualify for it.
NMLS ID 2856
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Contact Us
Drew Mortgage Associates, Inc
196 Boston Turnpike Road Shrewsbury, MA 01545
Phone [phone] Toll Free 877-949-3739
Fax [phone] www.drewmortgage.com NMLS ID
2856
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"We're Drew, that's what we do!"
NMLS ID 2856