FHA offers a loan that allows a purchaser to acquire a property that is in need of cosmetic or structural repair. First Hallmark Mortgage is one of the few direct lenders in New Jersey offering this product. We have a department dedicated to these loans and we have closed some of these transactions in as little as 15-20 days.

The property must be used for a primary residence, and the amount of funds necessary to bring the property into move in condition determine which loan to apply for.

We have been financing many bank owned properties that show neglect from the previous owner. We give the new homeowner up to $35,000 over and above the acquisition cost to finance the needed repairs. These funds can be used for anything cosmetic and include sheet rock, flooring, roofs, paint, fixtures, appliances, and anything else needed short of changing the physical structure of the property.

If more extensive work and funds are needed, the program is available, but it is basically a construction loan. The documentation is more detailed including plans, periodic inspections to release more funds, insurance, and having the project overseen by a general contractor.

For more information, do not hesitate to contact Rob Kaiser at 908-203-8680, Extension 268.

Feel free to also post a question on line as it may answer questions that others may have about seeking this type of loan.

Thanks

JT