DENVER--(BUSINESS WIRE)--In response to falling mortgage rates and a shrinking inventory of “perfect homes,” Limetree Lending Group CEO, Jocelyn Predovich, announced a unique opportunity that allows homebuyers to add in repair and upgrade costs to a mortgage.
Limetree Lending Group is announcing this in response to the fact that rates are falling for all types of mortgages, and the average 15-year fixed loan has hit an all-time low.
"Even if rates went up 2 full points, buying would remain cheaper than renting nearly everywhere in the country," said Jed Kolko, chief economist for real estate website Trulia.com.
“Agents are pushing worn-out, broken-down, outdated properties to an impatient generation seeking immediate gratification in a buyer’s market. The problem is easy to see. We need money to revitalize, to renew our existing properties, but no one has any money. Luckily, the government launched a program back in 1978 that solves the issues of today’s real estate market," explains Predovich.
The program Predovich is referring to is the FHA 203k Loan Program.
The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings. Home buyers can purchase a property and include whatever costs to make required repairs or desired updates, or to fully renovate the property, all into one simple thirty-year fixed loan.
Predovich went on to say, “Contrary to what so many people believe about the FHA 203k loan, it is not just for repairs. With the exception of two ineligible repair costs, major landscaping and the installation of outdoor luxury items, buyers can include whatever their little heart desires into their loan.”
"A buyer could be under contract on a property with every possible thing wrong with it: furnace, water heater, HVAC, roof, sewer, structural, etc., and this property would fly through the appraisal and underwriting without any issues," says Predovich.
Limetree Lending Group's sole focus is to 'Make Mortgage Better' by providing the very best in service, education and support to the client as well as our real estate agent partners. A download of their ebook on FHA 203k loans is available at https://limetreelending.com/fha-203k-renovation-report/, or a representative is available by phone at 303-325-3578