FHA 203K Loan Saves the Day for a Bradenton Family

BRADENTON, Fla. - April 24, 2014 - PRLog -- Gina Ursini, a Lakewood Ranch Real Estate Professional who specializes in rehab properties, has just closed a FHA 203K rehab property in Bradenton, FL. "This little known Government program allows buyers to purchase a fixer upper without needing bundles of money in advance. The home repairs are rolled into the current mortgage" explains Ursini.

The process was tricky, as the sellers had two prior finance deals fall through.  Ursini was told the sellers would only agree to a cash offer.  Using her strong negotiating skills, Ursini got the buyer’s financed offer accepted. The home took a total of 34 days from contract to close.

Located in the community of Creekwood off SR 70 E, the property was in need of repairs, yet the cost of repairs exceeded their budget. The FHA 203K Rehab Loan was the perfect solution to obtaining their dream home.

"The FHA 203K rehab loan needs the most experienced loan officer", cautions Ursini.  “The buyers first lender was inexperienced and as a result of ordering the wrong type of appraisal, the loan was denied." At that point, Ursini quickly turned the loan over to one of her best loan officers.  With over 20 years of FHA 203K Rehab loan experience, the loan was closed in 19 days.

With FHA 203K Rehab loans, the borrowers must be owner-occupants. Properties are purchased “as is” and the home repairs are completed after closing by an approved licensed contractor. The buyers chose Mark Ursini a local established builder and founder of Brista Homes, Inc. as the licensed contract for the rehab project.  Mark also happens to be Gina’s husband.

Brista Homes, Inc. will be performing the repairs within the FHA required three month period.  The buyers repair money will be kept in an escrow account and monitored by a Federal Housing Authority consultant. Upon completion of the work, funds will be dispersed.

"The buyers will enjoy cooking and entertaining in their newly remodeled kitchen complete with espresso shaker style cabinets, granite counter tops, and stainless steel appliances" says Ursini. The renovation will also include a new master bath, new flooring and paint throughout. In addition, a portion of the rehab money will be used to address required FHA repairs such as a new garage door.

“My clients are very excited about the opportunity to move into their newly renovated pool home. Throughout the selection process, they've commented several times that they feel as if they are on a Sarasota version of HGTV’s Property Brothers” says Ursini with Keller Williams Lakewood Ranch.

Mark and Gina Ursini are a professional duo determined to help buyers and investors purchase and transform extreme fixer uppers into their ultimate investment or dream home.