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The AmeriFirst Library

Helping More Home Buyers Realize Their Dream: Becoming a Top FHA 203k Lender

Posted by Dan Moyle on Thu, Jun 23, 2016

Did you know there's an option for financing your home purchase that allows you to borrow money to renovate?

That you can create your dream home with one mortgage, one interest rate, and one down payment?

And here's the best part of all: You're learning about this dream home mortgage from one of the top lenders in the country for it! That's right ... we're here to brag on our branches and our team just a moment.

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First - it's time to explain this mortgage loan option for remodeling a dream home. It's called the FHA 203k. This is a low-down-payment option, so it's great for starter homes and first time home buyers. When you find a house that has potential but needs some work, your first thought may be to walk away, or to buy it and put "sweat equity" into it on the weekends and in the evenings, doing the work yourself. While that's great, the 203k loan helps you finance the work through a professional, so you're not the one swinging the hammer!

Because it's an FHA product, the down payment requirement is 3.5% of the total loan - purchase and renovations - which is less than conventional mortgages and credit cards you might use to pay for material or to pay a contractor. If you're wondering what you do with this option, check out this list.

With the FHA 203k you can:

  • Replace a roof
  • Re-side the home
  • Re-paint inside and outside of the house
  • Replace appliances
  • Put in new flooring
  • Build or replace a deck/patio/porch
  • Replace windows
  • Remodel the kitchen

Now it's time to brag

AmeriFirst Home Mortgage is a top 10 lender in the U.S. for the FHA 203k. In fact, according to the Department if Housing (HUD), we're #8 in the country! When you look at how many lenders operate across the nation, that's a pretty exclusive group. Let's break down the numbers.

HUD publishes 203k Endorsement numbers ending March 2016 - Propelling AmeriFirst to the #8 spot of all FHA 203k lenders.

 

FHA 203k Lender

             # of Units HUD’s Fiscal Year

1

Wells Fargo

588

2

Prospect Mortgage

477

3

Homebridge

411

4

American Financial

392

5

Movement Mortgage

350

6

Prime Lending

219

7

Plaza Mortgage

147

8

AmeriFirst Home Mortgage

135

9

Loan Depot

125

10

Michigan Mutual

118

2014-15 Fiscal Year 203k Lender Ranking -

#1 lender in Indiana and Michigan
#2 in Ohio
#3 in Kentucky

2015 HUD 203k Market Share - Michigan

2015 HUD 203k Market Share - Ohio

2015 HUD 203k Market Share - Kentucky

2015 HUD 203k Market Share - Indiana

2015 HUD 203k Market Share - Tennessee

2015 HUD 203k Market Share - By Lender

When you work with AmeriFirst Home Mortgage, you work with an experienced team that cares about helping to make your dream home a reality. The numbers show it. Let us help you turn that house into your home with this great renovation mortgage option. 

 

 

 

Get the Free FHA 203k Guide

 

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Down payment and terms shown are for informational purposes only and are not intended as an advertisement or commitment to lend.  Please contact us for an exact quote and for more information on fees and terms.  Not all borrowers will qualify.

Topics: AmeriFirst Newsroom, FHA 203k

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