(302) 703-0727

(302) 703-0727

Delaware FHA 203k Rehab Loans for Bank Owned Properties

John Thomas September 24, 2009

The increase in foreclosures has increased the number of houses listed for sale in Delaware that are owned by banks.  The banks have taken the homes by foreclosing.  The banks list the properties for sale in “as is” condition. This makes it tough for qualified buyers to purchase some of these homes because traditional FHA Loans and conventional loans may require some repairs be completed prior to closing that the bank will not due.

The solution to this problem is the Delaware FHA 203k loan. For most of these properties, the repairs are not major and are best suited to a streamlined version of the FHA 203k loan. The streamline is much quicker and easier to do than a full 203k. The program allows the buyer to borrow the cost for the repairs and doesn’t require them to be completed before closing.

If you would like more information or would like to see if you qualify for one of these loans, call me at 302-588-3665 or you can APPLY ONLINE HERE.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713

About John Thomas

John Thomas and his team are long-time Delaware natives. They know the local real estate market as well as they know the loan products that help them serve it. Dedicated to helping first-time buyers; the John Thomas Team are experts on first-time buyer loan programs (FHA, VA, USDA) and conduct monthly first-time buyer seminars that have been attended by more than 3000 Delaware buyers.