Envoy Introduces the Full K

Envoy Mortgage recently rolled out the full 203k offered through FHA.  Envoy is one of a limited mortgage lenders that are offering this great program.  As a mortgage bank, Envoy will process, underwrite, close, fund and administer the work post-closing which will make the program run more efficiently.

The full 203k allows both buyers and current home-owners to rehabilitate, repair and add additions to properties that they currently own or would like to purchase.  The program works very well for people looking to buy a foreclosure in need of repair, people looking to add on to a property that has limited equity, if any or for people looking to freshen up a property if their funds are limited.  With foreclosures and short sales being a large percentage of the properties available for sale, the 203k program is a great program to consider.

A tremendous percentage of the housing stock in the state of Connecticut is over thirty years old which makes the 203k program a very important product to consider.  However, through the years the program was not used due to time constraints and bankers, lenders and brokers not specializing in the program.  Many transactions went poorly or fell apart due to the time it would take for companies to get through the process.

The full 203k allows for the client to use the future value of the property in consideration for the loan to value.  This allows for someone to add space to the property which would increase the value thereby allowing the financing to take place.  Unlike it's baby brother - the 203k streamline, the 203k allows for structural work and landscaping and allows the rehabilitation costs to exceed $35,000 up to the county loan limit.

Because it's an FHA product, it only requires a 3.5% down payment and the seller can still give the buyer a credit towards to closing costs and pre-paid expenses up to 6% of the purchase price.  This allows for buyers to purchase a home with a minimum of 3.5% down payment.

At Envoy, we suggest using an Envoy Certified 203k Realtor who will help guide you through the process and act as an advocate for the client when working with the listing agent and seller.  If you'd like to receive more information about the 203k or the 203k Certified Realtor Program, please contact Vin Biscoglio.  The home's before and after pictures would all be eligible utilizing the 203k program through Envoy Mortgage.