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203K Home Renovation Loan spotlight on Better Connecticut - YouTube
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alright what's that old real estate rule
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that we go by okay so location location
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location and by the worst house on the
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best block by the worst house on the
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best block now you by the worst house on
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the best block and then what about the
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money to fix it up well there's a
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product out there and it's given by
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norcom mortgage it's called a 203k and
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it helped one home buyer in West
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Hartford amazing take a look when damn
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boys is more than happy to show us
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around his older yet brand new West
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Hartford home it was built in nineteen
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fifty two but you'd never know it with
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all the home improvements he's done over
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the past several months home
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improvements he did with a little help
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from Norcom mortgage we took everything
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out knock down walls closed off this
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sliding door this was a slider just put
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so I got this you know I got another two
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feet of space Glenn was able to do the
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work with a product called a 203k
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mortgage here's how it works in reality
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it could be for for any particular home
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buyer it is a product that's out there
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by FHA which is a government-sponsored
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sort of program that's out there and it
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allows you to not only purchase the
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property of your dreams but then go
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ahead and do some renovations on it
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update the kitchen or bedrooms bathrooms
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that type of thing the mortgage includes
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not only the money for the purchase of
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the home but all of the improvements to
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Glenn had originally applied for a
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conventional mortgage until he heard
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about the 203k from Norcom cilenti find
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out about this two or three k then I
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found out about the 203k and then we
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stopped everything we had already
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offered on the house and then will you
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come in with enough
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203k consultant right and then I give
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him all my ideas he takes my ideas and
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he writes it up and this is what it
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would cost then they appraise the house
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as if it was gone all the renovations
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were done and if the numbers come in I
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get the more you get the mortgage based
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on what the house of praises for with
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everything with everything done cribs a
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great was a great deal here's an example
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the purchase price of a home is one
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hundred thousand dollars but the work
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required to make it a dream home
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approved by an FHA counselor and an
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approved FHA contractor would be another
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one hundred thousand dollars so instead
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of the mortgage being just one hundred
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thousand dollars it's now two hundred
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thousand dollars the one hundred
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thousand dollars for the repairs goes
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into escrow and as the work is done the
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money is dispersed the general idea is
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that as work it's done as you come in
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and you have a ten-thousand-dollar roof
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that gets done contractor finishes what
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consultant comes out doesn't inspection
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says okay everything was good signs also
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signs off on everything hand over the
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paperwork to the lender so norcal
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mortgage in this particular instance
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signs everything over and they disperse
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a check to that right over to that
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contractor for Glenn the 203k was the
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dream mortgage he needed to create this
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dream house for him and his family
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without this 203k you wouldn't been able
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to do this
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and I would never be able to afford what
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I put into this house that includes the
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new kitchen the new floors the new
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bathrooms the new doors the just about
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everything new me it gave me this it
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gave you your dream high blood that you
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boy about this and your ended up with us
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you're looking to get a steal on a
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property or walk into one of these
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shorts old or bank-owned properties this
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is an excellent way to walk into a house
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that need some work walk into it and
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then you come up you can decide what you
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want your kitchen will look like how
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many bedrooms how many bathrooms because
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if you can dream it sort of you can do
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with type of thing people are happy
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people are ecstatic with tons of
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homeowners there isn't a product that we
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offer where we get more accolades after
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the fact we've actually coined it the
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Norcom dream loan because in reality if
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you can dream it you can sort of do it
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in the property
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wow that is really cool so when you're
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picky you still get to pick your own
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contractors they just need to be
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government approved exactly the FHA
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approved and then the FHA counselor
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comes in as well that's provided by the
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government and then they come in and
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they assess the house and they say how
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much work do you want to get done all
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right a hundred thousand dollars worth
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of work and they roll it into your
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mortgage and it's just unbelievable Wow
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and that actually might make you feel a
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little safer like okay we're dealing
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with contractors that have done this
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before they've proved I mean you saw the
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results on his house just a minute get
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in touch with norcom mortgage so we're
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gonna have put all of their information
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on our website very cool all right so
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it's not just a fishing lesson
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