FHA-insured 203(k) mortgage financing, the basis for Three-in-One Mortgage, is processed, underwritten and approved by United Northern, a Direct Endorsed FHA Lender.

The "Three-in-One" Mortgage team and the program creator/coordinator can be contacted directly by use of the information provided below. Additional details, qualifying parameters and loan application procedures relating to the 203(k) program will be made available to interested parties during initial consultation.

The basic home loan provides only permanent financing for the purchase or refinance of a home that is in reasonably good condition, but may require some repair work done in order to meet certain minimum required standards established by the lender or mortgage insurer. The lender usually will not close the loan and release mortgage proceeds unless the repairs are completed to put the property in condition to meet those required standards and establish adequate enough loan security.

The Section 203 (k) mortgage program provides financing for the purchase or refinance of a home that is in need of at least $5,000 in repair/rehabilitation to be done in order to meet the same minimum housing required standards established by the lender or mortgage insurer. The borrower can get just one mortgage loan, at a long-term fixed rate to finance both the purchase and the repair/rehabilitation of the property. In order to provide adequate funds to complete repairs/rehabilitation, the mortgage amount is based on the projected after-repaired value of the property. The lender will therefore close the loan and release mortgage proceeds minus  the cost of repairs/rehabilitation which will be placed in a "rehabilitation escrow account" to insure acceptable and timely completion of the repair/rehabilitation.

In addition to financing provided for the purchase and typical repair/rehabilitation of a home being purchased or refinanced, the FHA 203 (k) mortgage program goes further to establish Cost Effective Energy Conservation Standards which must be complied with when "...rehabilitation construction and/or additions will be financed with Section 203 (k) mortgage proceeds", and in the cases that home purchasers or homeowners undertake the installation of solar energy equipment, those mortgages are"...eligible for increases of up to 20% in the maximum insurable mortgage amount...",  where necessary

Contact a New Jersey FHA 203(K) loan specialist today at: