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Full FHA 203k Loans: The Legacy Group with CrossCountry Mortgage integrated managed services makes buying a foreclosure with a Rehab loan as easy as buying a new home. We remove the barriers to buyers by orchestrating a team of highly skilled professionals on their behalf.
This includes agents that understand the bidding process and are trained at helping buyers see the potential of a foreclosure. Designers and contractors that work with buyers to ensure that their rehab plans meet their dreams, their budget and their schedule. And just as important, lenders that you can depend on to close the loan on time and as agreed.
We at The Legacy Group with CrossCountry Mortgage can pre-qualify an REO property with a standard rehab plan and loan package that can be promoted with the home. By providing this turn-key managed service for buyers on your behalf, we can work together to restore the value of your neighborhood or home.
A full FHA 203k loan requires:
- A minimum of $5,000.
- A consultant.
- Work must be started in 30 days.
- Have no lapses of work for more than 30 days.
- Work must be complete within 6 months-exception may be allowed.
- Generally no more than 5 inspections.
- Contingency reserve required.
Eligiblity Improvements:
- Additions to current structure.
- Changes for improved functions and modernization (such as remodeling of kitchesn and bathrooms).
- Elimination of health and safety hazards such as lead paint.
- Replacement or reconditioning of any systems (plumbing, heating, etc.)
- Connection to public water or sewer.
- Flooring, tiling and carpeting.
- Energy improvements.
- Major landscape work.
- Handicap accessibility.
- Roofing, gutters, downspouts.
- New appliances (used are not allowed).
- Construction or rehab or detached structure.
Ineligible Improvements:
- BBQ pits.
- Bathhouses.
- Dumbwaiters.
- Exerior hot tubs.
- Saunas, spas and whirpool baths.
- Swimming pools.
- Outdoor fireplaces or hearths.
- TV antennasa and satellite dishes.
- Tennis courts.
- Additions/repairs for commercial use.
Fill out the form below to pre-qualify and get your 203k loan today!
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The Legacy Group with CrossCountry Mortgage
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