Mike Wilcox
Renovation
Sales Manager
303-525-3568 Cell
720-221-4906 Fax
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mike.wilcox@academy.cc
~ visit website ~
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Dave Bliesmer
Senior Mortgage
Consultant
Cell: 720.280.0380
efax: 720.836.4845
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dave.bliesmer@academy.cc
~ visit website ~
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PROGRAM DESCRIPTION:
When a homebuyer wants to purchase or refinance a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.
Eligible properties include: Single Family, 1-4 units, Condos/Townhomes, HUD/REO properties, (specific parameters exist for manufactured and mix-use properties).
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HOMEOWNER / BUYER BENFITS:
- Buy less than perfect homes in a great location and turn them into dream homes with little down!
- Repair your properties problems today to bring out its potential tomorrow.
- Upgrade, repair, and/or remodel without tapping into personal savings.
- Maximize the equity in their current home by making valuable changes.
- Get out of that ARM and fix up your house at the same time.
- Have peace of mind knowing your loan is FHA insured.
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REAL ESTATE AGENT BENFITS:
- Improve the marketability of hard to sell listings.
- Increase the scope of your business by combining this solution and your expertise to allow your clients to buy confidently in a down market.
- Expand the pool of homes that you can show your clients.
- Help potential buyers see the home that it could be.
- No longer need to advise customers to fix up the house before they list it, let the new owner decide on how it should look and feel.
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CONTRACTOR BENFITS:
- Offer estimates for property improvements knowing that financing is in place.
- Feel confident on getting paid in full for completing the work.
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