Alpha Recovery helping home owners in repairs or modernization.

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203(K) REHAB MORTGAGE

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Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their acquisition of a repo house or their existing home.

Section 203(k) fills a unique and important need for homebuyers. When buying a house that needs repair or modernization, homebuyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment. However, Section 203(k) offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. Section 203(k) insured loans save borrowers time and money. They also protect the lender by allowing them to have the loan insured even before the condition and value of the property may offer adequate security.

For less extensive repairs/improvements, see Limited 203(k). For housing rehabilitation activities that do not also require buying or refinancing the property, borrowers may also consider HUD's Title I Property Improvement Loan program.

Eligible Activities:

• structural alterations and reconstruction

• modernization and improvements to the home's function

• elimination of health and safety hazards

• changes that improve appearance and eliminate obsolescence

• reconditioning or replacing plumbing; installing a well and/or septic system

• adding or replacing roofing, gutters, and downspouts

• adding or replacing floors and/or floor treatments

• major landscape work and site improvements

• enhancing accessibility for a disabled person

• making energy conservation improvements

 

Alpha Recovery is at your service to assist in the processing of this type of loan.

We have the experience in this type of projects and we are qualified with the local banking industry to carry out the desired modernization or improvements to your home.

Our offer presents alternatives that many of our clients have already used to improve their properties.

We interview you and look for the place and the need for housing, understanding that the needs vary for each client. Once we have the desired location and distribution, we present viable and economical alternatives in the repossessed market. The cost of the desired alterations is presented to you, and the cost of acquisition and improvement is compared to the market cost. Typically, the client is surprised with the savings and equity they obtain in the property.

You can use this tool and take advantage of the drop in mortgage interest and the large offer in the foreclosure market.

 

Alpha Recovery will assist you and we will achieve your dream home.

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