In Houston, Texas, ""Envoy Mortgage"":http://envoymortgage.com/ is enhancing its loan product offerings to start the new year. Currently operating mortgage retail branches in nearly every U.S. state, Envoy's customers will now have access to an expanded range of ""Federal Housing Administration (FHA)"":http://portal.hud.gov/hudportal/HUD?src=/federal_housing_administration 203(k) mortgages.[IMAGE]
New lending options from Envoy include full 203(k) loans, which give borrowers an ""unrestricted window"" to cover costs associated with renovations and repairs on a home purchase.[COLUMN_BREAK]
Envoy noted, however, that this type of mortgage remains subject to FHA loan limits that vary from market to market.
The new product offering incorporates costs for renovations and repairs into a single loan, and borrowers hoping to tap into the mortgage option can purchase properties under guidelines similar to those applied to FHA 203(b) loans.
Elaborating on the benefits to consumers utilizing full FHA 203(k) loans, Envoy's SVP of builder products for its national builder division, Suzanne Schakett, stated, ""For borrowers, it provides opportunities to take advantage of favorable prices on existing homes and to be able to customize homes to their specifications.""
Continuing her commentary, Schakett added, ""The U.S. real estate market continues to have a high inventory of distressed properties, which include foreclosures and REOs (bank-owned homes) that are a result of the economic downturn. The full 203(k) loan is a construction-related product that essentially benefits everyone involved in real estate today.
""These loan products stimulate affordable housing and the economy by encouraging sales of distressed properties, rehabilitating neighborhoods and expanding the buyer pool to FHA-qualified families,"" concluded Schakett.