Robert D'Angelo Residential / Multi-Family Property Services

Robert "Bob" D'Angelo, owner. Call 717-379-3415

203 K Renovation

What is the  FHA 203 K  Mortgage?
   
     With one mortgage you can finance a new home or refinance your current home and make repairs or renovations as needed.

     How it works: At closing, the mortgage company pays off the purchase price of your home or your former mortgage and sets aside in escrow, the remaining funds that will be used to make renovations and/or repairs.   Up to six months are allotted for repair time.

      How We can Help:  Prior to finalizing your mortgage you need a contractor to provide the cost of all repairs and renovations.  This contractor must meet FHA 203 K requirements and then also complete the work.  RMF Property Services is experienced in the 203 K mortgage.

      What Repairs/Renovations can you make?:  Just about anything including FHA compliance issues, new carpet, windows, room renovations, bathrooms, kitchens, roofs and much more.

     How much can you mortgage:  The amount you can mortgage is determined by what you can afford and the mortgage appraisal.  With the FHA 203K the mortgage appraisal is based on the value of the property with the renovations completed.  There is a mortgage limit of $271,000 in Dauphin and Cumberland Counties.  There is no income limitation other than determining how much mortgage you can afford.

     More Mortgage information and preapproval:   We recommend you call 1st Preference Mortgage Corporation 717-699-1100 or 800-730-8981 and ask for Terrie Hill, Vice President. Or apply online http://www.1stpref.com/