203(k) Mortgage Contractor

Interested in financing your fixer upper home using a 203(k) Mortgage. Westbrook Construction has worked with the FHA and 203(k) Mortgage Providers to quote the HUD repair list and home owners improvement ideas in order to secure your loan. Once your mortgage closes Westbrook Construction secures the permits required and completes all repairs according to a predefined schedule in order to meet the Mortgage requirements. What is a 203(k) loan? Mortgage financing plans close on the loan when the condition and value of the property provide sufficient loan security, according to the Federal Housing Administration(FHA), part of the Department of Housing and Urban Development(HUD). When a rehab is required, the lender requires improvements to be complete before a long-term mortgage is made. Using a 203(k), a buyer can borrow the money to purchase the property and have it repaired in a single transaction, the money for rehab work is placed in escrow when the loan closes. A licensed contractor completes the repairs and is reimbursed using the escrowed funds, usually in a 6 month time frame. Read more: http://www.bankrate.com/finance/mortgages/home-rehab-dream-ruined-try-a-203-k-loan-1.aspx#ixzz3hUowEcoI