New Jersey FHA Loans are one of the most popular loan programs for FIRST TIME BUYERS as well as repeat homebuyers. FHA which stands for Federal Housing Administration insures loans for owner occupied 1-4 unit, condos and PUDS and is part of the Department of Housing and Urban Development (HUD).
FHA loans to purchase or refinance a property in New Jersey has been an option for many but because of the condition of the properties that are on the market today might only be an option for a few. As favorable as FHA Rates and terms are for homebuyers and homeowner’s one obstacle can still exist…The condition of the property. With that said there is a solution…The FHA 203k Loan for renovations and repairs.
As an FHA HOME Loan Specialist for REMN (Real Estate Mortgage Network) in New Jersey I can help you purchase or refinance a property in its present condition and turn it into the home you always wanted all in one mortgage loan. You will have a choice of either the FHA 203k streamline for home improvements under $35,000 without any structural changes or the full 203k version for your larger projects and room additions over $35,000. FHA 203K loans are completed in one closing and can be repaid monthly.
Both types of FHA LOANS with or without renovations have the same minimum down payment of 3.5% and the same FHA loan limits apply
NJ Homebuyers:
Purchase less-than-perfect homes in great locations
Purchase foreclosures & other distressed properties
Cover the cost of major & minor improvements
Finance the cost to rent another home during renovations.
NJ Homeowners:
Make enhancements to increase your home's value
Upgrade or make repairs without tapping into savings or incurring additional debt
Enjoy tax benefits -; interest on renovation costs may be tax deductible (consult a tax advisor).
If an FHA Loan is in your future then an FHA 203k renovation loan should also be an option for you. Don’t let a property’s condition stop you in your tracts by working with New Jersey FHA lenders who don’t offer all the options you need. Start your loan process once without having to start over again by working with someone who can handle all your FHA loans in New Jersey
Call me for your Free
Mortgage Consultation today
(908) 295-1368
|