Government program helps fix that fixer upper

For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. Located in Fairfield, NJ, we are the title insurance agent that does it all for you.

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We've written before about a special loan program commonly called the FHA 203(k).

 

This is from the Star-Ledger:

Marcus Gaither lives in East Orange, but he saw a three-family home in Newark he thought would be a good investment. Unfortunately, it was not fit to be lived in.

“It needed windows, doors, sinks, kitchen cabinets,” he said. “It needed pretty much everything. It was a total rehab.”

Gaither is a mortgage broker and had done his research on the lending industry. He knew about a mortgage that would let him buy the house and pay for the repair work before he moved in.

He purchased the property for $120,000 and made it livable.

“Some people are afraid to put themselves out as far as buying a property and making mistakes,” he said. “I’m not afraid of the loan. I think it’s a good one.”

The loan he knows about — and few others do — is the little-heard of 203(k) mortgage. It’s a primary mortgage that isn’t based on what the house is worth, but what it will be worth after repairs are made. It’s available to everyone, including first-time homebuyers, but fewer than 300 have been approved so far this year in New Jersey.

Read more . . . . .

 

 



For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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