{"id":501,"date":"2012-10-15T11:39:49","date_gmt":"2012-10-15T18:39:49","guid":{"rendered":"http:\/\/blog.corcorancoaching.com\/?p=501"},"modified":"2018-07-13T12:03:38","modified_gmt":"2018-07-13T17:03:38","slug":"501","status":"publish","type":"post","link":"https:\/\/www.corcorancoaching.com\/blog\/501\/","title":{"rendered":"New FHA Program 203(k) &#8211; How It Is Different"},"content":{"rendered":"<p>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.<\/p>\n<p>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 mortgage loan.<\/p>\n<p>To get the details of this FHA Program we have posted the information <a href=\"http:\/\/www.corcorancoaching.com\/pdfs\/FHA_Programs_for_Business_Partners.pdf\" target=\"_blank\" rel=\"noopener\">HERE<\/a><\/p>\n<p><a href=\"https:\/\/www.corcorancoaching.com\/\">Corcoran Coaching<\/a> is an international consulting and coaching company specializing in performance coaching and the implementation of sound business systems for small business owners, including residential or commercial brokers, teams or individual agents. Learn how to create and implement cost effective operational, business and sales systems that have a proven decades-long track record of successfully driving you to your next level of sales productivity.<\/p>\n<p>Isn\u2019t it time you invested in yourself to be as successful and effective as the top producers? Success is just a phone call away. Call today at 1-800-957-8353 or email us at <a href=\"mailto:successteam@corcorancoaching.com\">SuccessTeam@CorcoranCoaching.com<\/a> to start the conversation and get your <a href=\"https:\/\/www.corcorancoaching.com\/free-business-consultation\">no cost, no obligation business consultation<\/a> with one of our experienced professional success coaches.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[9,11,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New FHA Program 203(k) - How It Is Different - Real Estate Coaching Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.corcorancoaching.com\/blog\/501\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New FHA Program 203(k) - How It Is Different - Real Estate Coaching Blog\" \/>\n<meta property=\"og:description\" content=\"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...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.corcorancoaching.com\/blog\/501\/\" \/>\n<meta property=\"og:site_name\" content=\"Real Estate Coaching Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CorcoranCoaching\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-10-15T18:39:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-07-13T17:03:38+00:00\" \/>\n<meta name=\"author\" content=\"radarhill\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@corcorancoach\" \/>\n<meta name=\"twitter:site\" content=\"@corcorancoach\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"radarhill\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.corcorancoaching.com\/blog\/501\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.corcorancoaching.com\/blog\/501\/\"},\"author\":{\"name\":\"radarhill\",\"@id\":\"https:\/\/www.corcorancoaching.com\/blog\/#\/schema\/person\/3d4d0a8e521c17ce389d07d85d235088\"},\"headline\":\"New FHA Program 203(k) &#8211; 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