Admirals Bank Offers FHA 203(k) Loan Allowing Borrowers to Finance the Purchase & Renovation of a Residential Property
Providence, RI – Admirals Bank, an FHA approved lender and leading national provider of the Title I Home Improvement Loan, recently added the FHA 203(k) loan to its product suite as part of the Bank’s continuing effort to provide its customers with an extensive variety of home lending solutions.
The FHA 203(k) loan allows customers to secure one home mortgage, at a long-term fixed or adjustable rate, to finance the purchase, refinance and renovation of a residential property utilizing its after-improved value instead of the customary as-is value. The total mortgage amount varies based on the homeowner’s county, state and property location and generally ranges between $271,050 and $729,750.*
The FHA 203(k) loan can also be immensely valuable to those looking to buy a home in a state in which certain inspections are required prior to purchase. Currently, outside of the FHA 203(k), home buyers are commonly dissatisfied with financing options to purchase and repair sullied homes. Additionally many buyers seldom decide to utilize their existing home equity to complete a purchase.
“This loan is vastly advantageous for the individual seeking to purchase distressed properties or refinance and renovate an existing home,” claims Robert Briden, Vice President and Director of Loan Originations at Admirals Bank. “Buyers looking to acquire homes that offer everything they are looking for, such as access to good school systems, proximity to work, and value frequently take advantage of this loan to procure and rehabilitate desired properties. Otherwise, they may have to wait years to gain sufficient equity in market appreciation.”
About Admirals Bank
Admirals Bank is a federally-chartered financial institution headquartered in Boston, MA with a Regional Banking Center in Providence, RI, and a Renewable Energy Lending Center in San Francisco, CA. Since 2012, Admirals Bank has focused its home improvement lending efforts in the residential solar and renewable energy industry, opening Admirals Alternatives, the Renewable Energy Lending division of Admirals Bank. Admirals Bank also remains a leading national provider of the Title I Home Improvement Loan for a variety of other home improvements. Admirals Bank also offers customers additional borrowing solutions such as Residential Mortgages. Additionally, Admirals Bank is an active acquirer of commercial real estate loans in the secondary market. Admirals introduced Bespoke Banking to the financial industry, which is individually tailored, highly customized, relationship banking, and also provides customers with classic banking options such as checking and savings accounts, which can be conveniently opened and maintained online or via a mobile device. Admirals Bank is an Equal Housing Lender and Member FDIC.
*All loans are subject to credit approval.