Bookend LendingMortgage Company is offering, through NH Housing Finance Authority, an FHA rehab program. If you are considering the purchase of a home that is in need of repair, this may be the program for you. The program will allow you to receive up to $35,000 after the closing to complete repairs. With nearly 25% of all home sales being properties that are considered distressed, this is an awesome opportunity!
The FHA 203K limited rehab loan is available for all owner occupied borrowers and Renee Duval is experienced and skilled in helping borrowers with this option. We are able to combine the FHA rehab program with NH Housing.
The benefit of this combination is that a borrower can now purchase a home and receive rehab funds with an initial investment of as little as 1% of the acquisition cost of the property (acquisition cost is the sales price + the requested rehab funds). In order for this to occur, the borrower will take advantage of down payment assistance available through the state and use that money for down payment. The borrower needs to negotiate for the seller to pay all of his/her/their closing costs to get in with the very least amount of cash possible.
If you don’t use down payment assistance, the NH Housing/FHA 203k rehab loan offers a lower interest rate than the regular FHA program. Please contact us at renee.duval@fairwaymc.com for more details. We would be happy to forward full program specifications.
NH Housing does have income and sales price limits and is restricted to first time buyers in most communities (but not all). For buyers who are not eligible for NH Housing, FHA does not have income limits nor is it limited to first time buyers. Call Renee to find out more!