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Mortgage Monday: Learning about the FHA 203k Loan

mortgage insuranceThis week on the Mortgage Monday show Jim Cardinal and Alexis Meeks discuss the advantages of a FHA 203k Loan.

The FHA 203k Loan was created as a tool for home buyers that want to buy a fixer-upper home and need a little cushion in the mortgage for repair costs.

The FHA 203k loan is offered by the Federal Housing Administration. The federal government designed FHA 203k loans to encourage mortgage lenders to fund seemingly risky home purchases. Homes that are in need of immediate repair have long been seen as risky because home repairs can eat through a home buyers budget very quickly.

The goal in creating the FHA 203k Loan was neighborhood revitalization and greater homeownership opportunities for individuals and families willing to put in the repair work.

Jim Cardinal tells a story about one local New York resident that he helped find his ideal home using the FHA 203k Loan:

(if you can’t see the video click here)

Thankfully we have Jim Cardinal, Branch Manager for Syracuse Securities {visit his website to learn more} and Alexis Meeks of Karp, Ackerman, Skabowski & Hogan CPAs {Connect with Alexis on LinkedIn} to explain what is happening in the mortgage industry, how issues will impact the home buying process and what actions to take moving forward.

You can reach them by phone at:

  • Jim Cardinal | (518) 281-0077
  • Alexis Meeks | (518) 828-7618

We can help with homeowners insurance

If you are a first time home buyer or if you currently own a home we would love the opportunity to help you find the proper coverage at the most competitive rate for your home insurance.  We are dedicated to helping you make the best decisions regarding your insurance and providing our community with resources like Mortgage Mondays is just part of that dedication.

If you would like to receive a quote give us a call at (518) 456-6688 or click here to begin the process by email.

Thank you,

Ryan Hanley, CIC