Rehabilitation
REHABILITATION LOANS AVAILABLE FOR LOWER INCOME FAMILIES
Are you considering rehabilitating an older home in need of substantial repair or modernization? If so, the HUD 203(k) program may be of interest to you. If the home is a one to four family dwelling or an approved unit in a condominium project located in a lower income community, you may be able to apply for and receive a mortgage to purchase and rehabilitate the property.
Your HUD 203(k) rehabilitation mortgage loan is a long-term fixed or adjustable rate, and provides funds for the property’s rehabilitation and acquisition. The mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. The mortgage loan is eligible for endorsement by HUD as soon as the mortgage proceeds are disbursed and a rehabilitation escrow account is established.
Gateway Mortgage Group has a great deal of experience in helping people to secure HUD 203(k) funding for the purchase of their new house, and the restoration and preservation of older homes. We are committed to lending lower income individuals and helping to reinvest in our communities.
Gateway Mortgage Group routinely works with HUD to increase home ownership opportunities for families in poorer communities, and we believe everyone deserves a chance at home ownership.
To discuss your mortgage needs and learn more about your mortgage options for rehabilitating homes, please call Gateway Mortgage Group at 888-611-0894 or click here to email us and request more information.