Miracle Makeover Mortgage

Miracle Makeover Mortgage

What if you could put $8,225 Down on a $200,000 home and get $35,000 cash to re-do the bathrooms, install new flooring, paint the interior, buy new appliances and install a new patio in the backyard?  What if after you are done, the mortgage is $230,000 and the value is $260,000 (much more than the acquisition costs and repairs costs, building equity immediately.  Plus, the home reflects your tastes and needs.  All this and your payment is well under than $1,750.00 per month. 

That is the miracle of today’s low rates plus low property values, using HUD’s 203k (Refurb.) Mortgage. 

Two Types of 203K Mortgages

There are two types of 203k mortgages.  The streamline gives homeowners up to $35,000 for refurbishing the home and/or making it more energy efficient.  It is considered a streamline because of the loan limit and because it has less paperwork and does not require a general contractor.   Homeowners can even do the work and only use the funds for supplies, if they want to get more bang for their buck.  203k loans are also available for bigger projects needing more than $35,000, but more paperwork and contractor involvement is required.  Either way, this is a great way to build equity, customize your home and make it more energy efficient.  203K Loans are also available for the home you already own, not just a home you are buying.

More Information

For more information and details, visit www.hud.gov or contact either of us directly. 

Karl Holt, All Western Mortgage, 702-629-0716, kholt@awmlv.com

All Western NMLS License # 14210, 370640

Brent Wood, 702-629-9555, brentawood@hotmail.com 

Not affiliated with any company and not conducting any loan origination or real estate services, whatsoever.  Questions about rates, fees, etc. must be referred to a licensed mortgage agent or entity. 

 

Information is for illustrative purposes only.  Rates used are averages as of date written and are subject to change without notice.  Taxes, Insurance and PMI are included and estimated based on typical cases.  Details of rates, payments and fees should be provided by Lender within 3 days of application.  Only a formal Good Faith Estimate provided by your Lender should be relied upon.  Information does not constitute legal, tax, financial, investment or other professional advice.  Consult your financial, legal,tax, real estate, investment or other professional before investing, refinancing, acquiring or selling property.