FHA 203k Streamline:
Another of the resurgent HUD-Backed programs that seems increasingly useful in this market environment is the 203k Streamline Rehab loan which allows the purchaser of a distressed property to include the rehab costs in the mortgage as long as the total rehab amount does not exceed $35,000. The normal County limits for the mortgage still apply.

There are other limitations, as well:
The home must be a primary residence, there are certain improvements not allowed (i.e. landscaping), The contractor must be in good credit standing, and the home buyer is usually prevented from becoming their own general contractor.

Family Choice Mortgage is a participant in the 203k lending program . Inquire with any Branch Lending Consultant for more information.

To view the current HUD limits for all 1-4 unit properties, click below.
 

First, the basics...

A Reverse Mortgage is a safe and easy way for seniors to turn the equity in their home into a source of income for any financial need.

It is available to senior homeowners who are at least 62 years of age.

Unlike traditional mortgage loans, it does not require repayment of any kind until the home is sold or the borrower no longer occupies the home as primary residence.

Family Choice Mortgage is a retail mortgage lender, serving REALTORS®, Builders and homebuyers in distinct market areas within Connecticut, Massachusetts, and Rhode Island. Experience World-Class Customer Care with our knowledgeable Mortgage Bankers.  We feature first and second mortgage programs in the best interests of Realtors, Builders and homebuyers with a combination of product, pricing, processes and professionalism adding up to a world of difference to the customer base.