ORANGE CITY, FL--(Marketwired - Jul 29, 2013) - Interest rates fell for the second week in a row -- good news for would-be homeowners. But with lower wages and many people still unemployed, the dream of homeownership may be out of reach for some; that's where Approved Mortgage can help.
Approved Mortgage, an Orange City, Fla. based company, are experts at providing 203k rehab loans. These loans allow buyers to find homes that need structural work or remodeling and finance them; an option most traditional loans won't allow. A 203k rehab loan takes the place of a construction loan and a mortgage and puts them together into one payment. With the flexibility provided by this loan, potential homebuyers may have more options in their price range than on the open market alone.
The benefit of this loan is that buyers do not need to deplete their savings to purchase a home that needs upgrading. Buyers can get up to $35,000 extra to pay for the price of repairs. Homes do not need to be structurally damaged to qualify for a 203k rehab loan either. The loan covers things from paint and new siding to kitchen and bathroom remodeling or adding additional rooms.
A 203k rehab loan is backed by the Federal Housing Authority so many of the same rules apply. The good news is that buyers are able to take advantage of the low interest rates FHA loans are known for as well as low down payments. Many buyers will have to come up with as little as three and a half percent down, and in many instances, the money can even come as a gift.
The downside of the 203k rehab loan is that they can take longer to close and there can be some confusion among listing agents as to how the program works. With Approved Mortgage, buyers get the benefit of the company's ties with area realtors, home inspectors and other professionals to ensure their clients are taken care of every step of the way. Potential homeowners can visit Approved's new website, designed by First in Results, to find more information on all types of financing, from USDA loans to reverse mortgages, and also begin the loan application process.