How do we sell all these foreclosures????

You’re a home buyer looking at bank owned properties and foreclosures. The locations are fabulous, the prices are awesome but the interiors are always trashed!!! The lender will not provide you a loan because the home is so damaged that it is deemed uninhabitable. You don’t have the cash to purchase the home outright and then repair it. So you give up deciding that these deals are only available to the wealthy.

203K to the rescue!!!!

With the FHA 203K rehab loan you can buy any property and rehab it the way you want without requiring additional money or time. Quite simply you can turn that dilapidated home into a gem. You don’t need perfect credit or a lot of cash reserves (money in the bank) to qualify as the same qualifying guidleines apply as with other FHA loans.

Down payments are as low as 3.5%; sellers can assist with closing costs; loan amounts up to the new increased FHA loan limits (see LTV’s on 203-k’s); the entire down payment could be a gift from a family member; income credit for unoccupied rental units—just some of the many benefits that make 203-K rehab financing the right choice for your home purchase.

Eligible Properties

Properties may be single family homes, two-to four-unit multi family properties, condos, town homes, or mixed use properties (residential combined with commercial store front). Also, you may convert properties with greater than 4 units to 4 units or less to meet our eligible property requirements.

In One Simple Loan

You only have one loan with the 203K rehab loan. Make one simple payment on one loan. You will have one 30 year fixed loan that will include taxes and insurance. In fact, during construction you may not have to make any payments at all!!

What about the Appraisal!!!

You agree on a purchase price and decide on what improvements you want to make. An appraisal is performed on the property to determine it’s after rehab value. At the closing table the funds are provided to the seller to pay for the purchase and the rehabilitation funds are put into an escrow account to be drawn as the work progresses.

My Experience!!

Yes, I did this to my own home!! My wife and I found the perfect little Victorian home with a huge yard for our dogs. The problem was it just needed so much work. I searched the web for programs and found the 203K. I used Ardain Mortgage to help me with the process and loved my experience so much that I decided to go work for them. Why did I do this? I believe that this is the perfect opportunity in the current market to lift communities and take abandoned properties and breathe new life into them.

Here is a partial list of repairs that I made to my home: All new wood floors, new kitchen (including appliances), new drywall, plaster and paint, knocked down three walls for a more open home, new stairs, landscaping including a fence in the back yard.

If you think this is the loan for you please give me a call or send me an e-mail and I would be happy to help you get started. I can provide financial advice as well as my own personal experience of this fantastic program.

David P. Cruickshank

Loan Consultant
Ardain Mortgage Corp.
1508 W Algonquin Rd.
Palatine, IL. 60067

Cell 847-354-5455
Office 847-963-1000
Fax 847-963-1010