This post is about the FHA 203(k) Streamline program, a program that has been around a long time but deserves to be revisited in this market. This loan is not for everybody but in certain situations it can make the purchase or sale of a home possible when traditional financing will not allow it.
What is it?
It is a Rehab Loan
It is NOT a Construction Loan
Can be Purchase or Refinance
Used When Appraisal has “Cost to Cure”
Can be Used for Elective Renovation
This loan, as with regular FHA loans, is for a purchase or refinance of a primary residence only. This is not a product for investors or a product that should be used with the intention to “flip” the property.
What are the eligible property types?
1-4 Units
Condos (interior only)
Manufactured Homes
Mixed Use Properties
Existing Homes Complete For Over 1 Year
What are the eligible improvements that can be made with this loan?
Health and Safety Repairs
Corrections of Code Violations
Repairs Necessary to meet HUD Requirements
Smoke Detectors
Installation or Repair of Well and Septic
New Free Standing Appliances
Roofs, Gutters and Downspouts
HVAC Systems
Plumbing and Electrical Systems
Flooring
Kitchen Remodel (Nothing Structural)
Interior and Exterior Painting
Weatherization (Doors, Windows, Insulation, etc.)
Handicapped Access
Lead Based Paint Stabilization or Abatement
Exterior Decks, Patios, or Porches
Basement Waterproofing
Basement Finishing/Remodel (Nothing Structural)
This is obviously just an overview of what this product has to offer. The key to a successful process and closing is working with a knowledgeable Loan Officer who will walk you or your client step by step through the process. This product is has many more variables than the traditional loan programs and therefore needs to be handled properly throughout the process to ensure everything goes smoothly.
For more information vist the HUD website at HUD or give me a call at 609-618-9939.
Brian
Brian McCarty - Senior Loan Officer Superior Mortgage has been servicing clients for over 20 years. Our Success is built on service! http://www.brianmccartysmc.com/
I have been in the mortgage industry for nearly three years. I joined Superior Mortgage to have the opportunity to work with a well established company that provides me with all of the products and support that I need to service my clients best. I am proficient in conventional and government loan programs, including New Jersey's "First Time Homebuyer" guidelines. It gives me pleasure to be able to assist clients in making their home ownership dream come true. Realtors refer their buying customers to me because they are confident I will provide a specialized step by step process for each client. I enjoy working with first time homebuyers as well as investors.
I have been happily married for ten years to my beautiful wife Heather and we have two wonderful children. I am an avid fisherman and enjoy living at the Jersey Shore with my family.
Our CEO, Stephen M. Cors, founded Superior Mortgage Corp. in 1987. His business plan from day one recognized the need for a lender who could provide customers with quick, efficient Loan Officers, who would guide customers to select the most cost efficient loan programs, offering the lowest rates and fees to accommodate their personal needs. We believe this approach has added tremendously to our success. With our success came growth that has allowed us to serve our customers even better today, by providing pricing advantages to our customers not available through most smaller lenders.
Today, Superior is a direct lender able to offer its customers FannieMae and Freddie Mac Loans, HUD-FHA Loans, Veterans Administration Loans (VA), Construction Loans, US-RECD First Time Buyer Loans. Superior also offers a variety of loans designed to help its customers with special concerns, such as credit issues and income or asset verification issues.
Superior Mortgage Corp. has the unique ability to offer its customers the lowest rates and largest selection of loan programs available from 40 of the nation's largest wholesale lenders. When you contact Superior, we will advise you on the best loan program to meet your needs, locate the best price, while maintaining complete control and responsibility for your loan from application to closing.
Message From the CEO Stephen M. Cors
Let Superior Mortgage be your direct source for Fannie Mae Loans, Freddie Mac Loans, HUD-FHA Loans, and VA (Veterans' Loans). Here's why: Superior Mortgage has a unique system that provides you with lower rates, more loan choices, and fewer fees. As an independent mortgage banker, we have access to over 40 of the nation's largest wholesale mortgage corporation program choices. Each program is designed to offer customers a unique advantage, depending on their personal priorities. Every day these wholesale lenders compete to provide the best price. As a customer of Superior Mortgage, you will have access to every company's program offerings, and the best prices in the nation. Best of all, we can guarantee Superior service, because unlike a mortgage broker, Superior will handle your transaction from application to closing. Your total satisfaction is our goal, each and every day. We pride ourselves in providing the best personal service possible to thousands of mortgage customers across the United States . We realize that most people will obtain only 2 or 3 mortgages in their lifetime. We know this can be a confusing process. Therefore, we are committed to being personal advisors to each of our customers. We will obtain the best loan at the lowest cost as we meet the personal needs of each client. I am proud to be CEO/CFO of a company that is small enough to give caring, personal service to every customer, yet large enough to provide the best loan choice and price. Make the SUPREME choice: Let Superior Mortgage secure your next low rate loan!
Superior is a direct HUD/FHA, Fannie Mae and Freddie Mac Lender. We have fast and easy (same day) approvals with low rates and fees.
We have specialized programs for First Time Home Buyers including down payment assistance, even for borrowers with no or less than perfect credit.
We speacialize in the purchase of second homes and investment properties. We have programs that cater to the self employed borrower. We have exceptional rates for jumbo loans for both primary residences and second homes.
Superior is a direct lender which means no middle-man and no extra fees and no delays.
David Width Jr.
Brian is one of the most professional representatives in the business. I have no worries or fears when referring clients his way to help them in every aspect of the mortgage business. He walks them through the mortgage process step by step making it easy for them to understand how everything works. I have referred my own family to Brian. If you are looking for a mortgage representative who ensures confidence, convenience , and comfort through his character, Brian is definently the guy to go to. I enjoy sending my business to Brian and Superior Mortgage. Together, they truly are the "Superior"
Joanne Rezzino
I just wanted to thank you for your extreme professionalism with regard to my closing. I do closings for a living and have been at purchase closings where Buyers were whacked with charges they weren't told about, or even worse situations than that. I am definitely going to refer Superior Mortgage to as many people as I can. I can't even begin to tell you how you represented your company name. You are indeed a "superior" mortgage lender. I look forward to referring business your way.
Sherry Bragg As a Real Estate agent, I’ve had the opportunity to work with many different Lenders. The quality of service and level of professionalism that my clients have received is unsurpassed with Brian McCarty and Superior Mortgage. You should proceed with confidence; Brian has a customized loan program for every situation.
Kristin Krieger & Mantelle Bradley
We truly enjoyed working with you, Carmela and Superior staff and we thank you for all your help making this process a go smoothly.
Sincerely,
Kristin Krieger
Mantelle Bradley
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