ShayCore works with first Synovus 203k loan in Jacksonville
ShayCore is working with the first Synovus 203k loan used in Jacksonville. This is an exciting for us as the 203k loan helps families purchase and remodel home with one product. The 203k is offered through the Department of Housing and Urban Development (HUD).
A 203k loan allows a borrower to buy a house in need of repair or remodel with out needing separate funding for the remodel, or a second loan. Unlike a traditional mortgage the loan amount based on the home value including renovations. This can also be used to buy property otherwise not eligible for financing. Basically you are able to buy a house, plan a remodel/repairs, get the a 203k loan for the cost of the house plus the remodel/repairs, have the remodel/repairs completed and use the new house value (with improvements) as the collateral for the mortgage.
At ShayCore our residential division is the most excited about this product, as it provides an opportunity for more people to preform the remodels that we enjoy preforming, and allows more people access to newly renovated homes.
For more Information: 203k Loan Information