BOSTON, July 7, 2014 /PRNewswire/ -- GOBankingRates client Admirals Bank has launched a new mortgage product, an FHA 203(k) loan, which offers customers an opportunity to finance the purchase and renovation of residential properties.
Especially valuable for customers looking to buy a home that requires renovations or certain inspections prior to its purchase, Admirals Bank's FHA 203(k) also allows customers to:
- Secure a mortgage at a long-term fixed or adjustable rate
- Finance purchases between $271,000 and $729,7501
- Refinance and renovate residential property using the post-improvements value (up to 110 percent) instead of the customary as-is value
"This loan is vastly advantageous for the individual seeking to purchase distressed properties or refinance and renovate an existing home," said 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 proximity to good school systems and work, often take advantage of this loan to procure and rehabilitate desired properties. Otherwise, they might have to wait years to gain sufficient equity in market appreciation."
"As home buying ramps up this summer, residents will be looking for financing options that meet their unique financial needs and keep costs low. Admirals Bank has established itself as one of the best mortgage lenders in the Providence area," said Casey Bond, managing editor for GOBankingRates.
1 All loans are subject to credit approval.
About Admirals Bank
Admirals Bank is a federally chartered financial institution headquartered in Boston with a regional banking center in Providence and a renewable energy lending center in San Francisco. For more information, visit www.admiralsbank.com or call 800-LOAN-ONE today.
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