FHA 203K GOVERNMENT INSURED
REHABILITATION LOAN

FHA 203K provides a cost-effective, single-close loan that enables borrowers to purchase a home that may need repairs, refinance their exiting home for the purpose of remodeling, or move an existing home onto a mortgaged property. This program includes the necessary funds for the renovation by financing the "as completed" value of the home, rather than the present value.

FHA 203K Features:

     Loan Based on the "as completed" value of a home. 

     Up to six-months allotted for completion of rehabilitation construction

     Down payment as low as 3.5% of the sales price are allowed.  Family 
     members may pay all of the borrower's required down payment,
     closing costs, prepaid expenses, and discount points.

     A mortgage insurance premium (MIP) of 1.75% is added to the inital
     loan balance instead of being paid out-of-pocket and a small portion
     may be added to the monthly payment*

     No reserves required on 1-2 units and 3 months reserves required
     on 3-4 units

     Minium improvement for FHA 203K is $5,000.00

     This program is great for that 1st Time Homebuyer and the home
     that needs repairs

     Virtually any kind of improvement is eligible provided it
     becomes a permanent part of the real property and adds 
     value, for instance:

           Additions to the structure

           Kitchen or bath remodels

           Finished basement or attic
  
           Patios, decks, or terraces

           Roofing and landscaping

           Safety, energy efficient, and electrical upgrades
 
           Handicapped accessibility improvements

     Luxury items are not eligible:

           Swimming pools, hot tubs, tennis courts, gazebos, barbecue pits,
           saunas, or alterations to support commercial use

     This is only a small portion of what will be covered on the seminar.
     If you want to learn more and would like to attend a seminar, go back
     to the HOMEPAGE, choose a date and location that works for you.
     Then email me with your name(s), who will attend, address, best
     phone number to contact you, which location and date. Hope to see
     you at one of the seminars.


     If you would like more information feel free to contact me at:
     terry@terrycronin.com or call me at: 630/207-1524.

     *The monthly payment is 0.55% for loans with LTV higher than 78%;
     with LTV under 78%, monthly (MIP) applied to all other terms.