FHA Program Offers Purchase, Renovation Aid

The Federal Housing Administration is encouraging use of its little-known 203(k) loan program.

The 203(k) lets an owner-occupant borrow money for both the purchase and renovation in one loan, and put down only 3.5 percent.

The program requires the use of credentialed contractors and can include cosmetic improvements as well as major renovations like replacing plumbing or electrical. Completing the application process requires patience, says Nancy Hammock, an associate with RE/MAX Properties in Western Springs, Ill.

But in this lending environment, more homebuyers are finding 203(k)s worth the hassle. In fiscal 2008, the government insured about 6,700 of the 203(k) loans. This year, more than 11,000 loans have already been insured, according to the Office of the Comptroller of the Currency.

Source: Chicago Tribune, Mary Ellen Podmolik

FHA 203K Certified!!

Jayson Duff

Mortgage Consultant

FHA 203(K) Certified Originator

Opteum Mortgage

office: 678-742-6600

cell: 678-360-1969

fax: 678-585-5553

email: jduff@opteum.com

For more information or to apply online please visit: www.jaysonduff.com

Atlanta: West End, Westview future residents should strongly consider getting qualified for a FHA 203K loan to help with the repairs of some of the available homes.