Our team of professional craftsmen are available for any repairs, energy efficient upgrades, or construction required by lenders, code compliance or homebuyers. We are experienced in every facet of the 203K process and we are here to help. Anyone from a first time homebuyer to sales agents with questions regarding 203K’s, should give us a call. RERS has termite repair experts ready to help you get your job completed today. With 24/7 emergency services, we can complete needed repairs to get your escrows closed.
RERS has home inspectors available to perform inspections for you, and our affordable fees can be paid through escrow. Same day inspections can be arranged if needed. Why take chances with the largest purchase of your life? Let RERS take the gamble out of your investment.
How is a 203K loan different?? Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan and release the mortgage proceeds unless the condition and value of the property provide adequate loan security. When rehabilitation is involved, this means that a lender typically requires the improvements to be finished before a long-term mortgage is made.
When a homebuyer wants to purchase 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. To minimize the risk to the mortgage lender, the mortgage loan (the maximum allowable amount) is eligible for endorsement by HUD as soon as the mortgage proceeds are disbursed and a rehabilitation escrow account is established. At this point the lender has a fully-insured FHA mortgage loan.
Use your vision for what that property can become with some repairs done by our experts working with you for your dream home. Let’s get started today!
Service Areas Include but are not limited to:
|Southern California –||Riverside County (Riverside, Corona, Lake Elsinore, Hemet, Murrieta, Temecula, Perris, Moreno Valley)
San Bernardino County (Adelanto, Apple Valley, Baker, Big Bear, Chino, Colton, Rancho Cucamonga, Fontana, Highland, Hesperia, Lucerna Valley, Ontario, Redlands, Rialto, San Bernardino, Upland, Victorville, Yucaipa)
San Diego County (San Diego, El Cajon, Chula Vista, Escondido, Oceanside, Carlsbad, Del Mar)
Orange County (Orange, Anaheim, Anaheim Hills, Fullerton, Santa Ana, Costa Mesa, Huntington Beach, NewportBeach, Fountain Valley, South Orange County)
|Arizona –||Phoenix, Mesa, Tempe, Surprise, Scottsdale, Tucson, Glendale, Chandler, Peoria, Gilbert|
HUD 203K Consultant ID #S0693