arkansas

arkansas
Stay Connected
SOCIAL MEDIA
FACEBOOK Facebook
TWITTER twitter
LINKEDIN linKedin
YOUTUBE youtube
BLOG blog
Stay Connected
SOCIAL MEDIA
FACEBOOK Facebook
TWITTER twitter
LINKEDIN linKedin
YOUTUBE youtube
BLOG blog

Arkansas 203K Mortgage

FHA Rehab Loan

The Department of Housing and Urban Development and the Federal Housing Administration Developed the 203k Mortgage in the late 70's in an effort to promote revitalization and rehabilitation to neighborhoods. The intent was to help in the purchase and remodel of distressed and foreclosed properties. They also wanted to make a way for current homeowners to make repairs on their properties.

 
Call for a personal consultation 501-225-5626

Purpose of 203K Mortgage

203kNormal mortgage loans require a property to be in good functional condition before the lender will place a lien on the property to secure the mortgage. If the property is distressed or not in normal condition the borrower usually can not get a loan. The borrower then has only two options. One is to get a loan that is either not tied to the property or a loan that takes second lien position. This is typically hard to do and not very common. The second option which most people do is to obtain a 203k loan. Without the 203k many people would not pursue foreclosed properties as a way to by a home. This is why the 203k Mortgage Program was created.

How the 203K Loan Works

 With a FHA 203k mortgage loan, a borrower can get a permanent fixed or adjustable mortgage to finance the purchase and rehabilitation of a property. They can also use this program to refinance an existing mortgage with funds to rehab the property. The mortgage is based on the estimated value of the property after the repairs. People often assume the government is lending the money since it is a FHA loan however that is not the case. The money is lent by private lenders such as Primary Residential Mortgage and the loan is insured by the government. By doing this the government lowers the risk to the lender thus allowing the borrower to obtain these types of loans.

If you are buying a home that needs repairs or if your current home needs repairs call us today to help. A 203k Mortgage may be a great option for you. You can also get started now by completing our no obligation Free Pre-Approval Form below or calling 501-225-5626.

 

FHA Rehab Loan

The Department of Housing and Urban Development and the Federal Housing Administration Developed the 203k Mortgage in the late 70's in an effort to promote revitalization and rehabilitation to neighborhoods. The intent was to help in the purchase and remodel of distressed and foreclosed properties. They also wanted to make a way for current homeowners to make repairs on their properties.

 
Call for a personal consultation 501-225-5626

Purpose of 203K Mortgage

203kNormal mortgage loans require a property to be in good functional condition before the lender will place a lien on the property to secure the mortgage. If the property is distressed or not in normal condition the borrower usually can not get a loan. The borrower then has only two options. One is to get a loan that is either not tied to the property or a loan that takes second lien position. This is typically hard to do and not very common. The second option which most people do is to obtain a 203k loan. Without the 203k many people would not pursue foreclosed properties as a way to by a home. This is why the 203k Mortgage Program was created.

How the 203K Loan Works

 With a FHA 203k mortgage loan, a borrower can get a permanent fixed or adjustable mortgage to finance the purchase and rehabilitation of a property. They can also use this program to refinance an existing mortgage with funds to rehab the property. The mortgage is based on the estimated value of the property after the repairs. People often assume the government is lending the money since it is a FHA loan however that is not the case. The money is lent by private lenders such as Primary Residential Mortgage and the loan is insured by the government. By doing this the government lowers the risk to the lender thus allowing the borrower to obtain these types of loans.

If you are buying a home that needs repairs or if your current home needs repairs call us today to help. A 203k Mortgage may be a great option for you. You can also get started now by completing our no obligation Free Pre-Approval Form below or calling 501-225-5626.

 

Free No Obligation Pre-Approval

First Name
Last Name
Email Address
Property Zip Code
Phone
Credit History
Loan Type
Program
Comments


PRMI NMLS No. 3094. Branch NMLS 1161933. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282. Your opinion is greatly appreciated, we thank you for visiting this website or Primary Residential Mortgage, Inc. If you have specific questions, comments, concerns or complaints we invite you to contact us by the email shown here: ConsumerVoice@primeres.com. Emails received during business hours, should receive a response within 48 hours, excluding weekends or holidays. Primary Residential Mortgage, Inc. is licensed under the laws of the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking. Any consumer wishing to file a complaint against Primary Residential Mortgage, Inc. should contact the Texas Department of Banking through one of the means indicated below: In Person or U.S. Mail: 2601 North Lamar Boulevard, Suite 300, Austin, Texas 78705-4294, Telephone No.: (877) 276-5554, Fax No.: (512) 475-1313, email [E-mail]: consumer.complaints@dob.texas.gov, Website: www.dob.texas.gov."
PRMI NMLS No. 3094. Branch NMLS 1161933. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. Alabama Banking Department Bureau of Banking MC 20316. Arkansas Securities Department 11558. Florida Office of Financial Regulation MLD646. Department of Banking and Finance 6521. Office of Financial Institutions #771. Missouri Division of Finance. Mississippi Department of Banking and Consumer Finance, 3094. Oklahoma Department of Consumer Credit ML010027. Department of Financial Institutions 109282. Your opinion is greatly appreciated, we thank you for visiting this website or Primary Residential Mortgage, Inc. If you have specific questions, comments, concerns or complaints we invite you to contact us by the email shown here: ConsumerVoice@primeres.com. Emails received during business hours, should receive a response within 48 hours, excluding weekends or holidays. Primary Residential Mortgage, Inc. is licensed under the laws of the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking. Any consumer wishing to file a complaint against Primary Residential Mortgage, Inc. should contact the Texas Department of Banking through one of the means indicated below: In Person or U.S. Mail: 2601 North Lamar Boulevard, Suite 300, Austin, Texas 78705-4294, Telephone No.: (877) 276-5554, Fax No.: (512) 475-1313, email [E-mail]: consumer.complaints@dob.texas.gov, Website: www.dob.texas.gov."