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FHA 203K story

FHA 203K story

So my most recent FHA 203K client closes on her home tomorrow. It is a HUD home she bought and financed using a 203K loan. The money she is setting aside will be used to fix the plumbing, heating, a small bit of mold abatement, and flooring. So figure she bought the house for $65,000 and was able to finance the $15,000 worth of work into her loan. She will have a loan for $80,000, but the appraised value of her home “after completion” of the work, is $90,000!! Any money she that is left over after her work is complete will go as a principal reduction to her loan balance. Given she locked in when rates were low, she got a great deal!

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

NMLS Unique Identifier #1838215

Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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