Embrace Home Loans Adds 203(k) Loan Product

Posted by Orb Staff on August 19, 2010 No Comments
Categories : Residential Mortgage

Newport, R.I.-based Embrace Home Loans has begun offering Streamline 203(k) loans. These loans cover a variety of home improvements and repairs and allow borrowers to take out a single mortgage covering the purchase and rehabilitation of a dwelling.

‘The 203(k) loan program was created by the Federal Housing Administration in order to rehabilitate older neighborhoods and to expand homeownership opportunities,’ says Kurt Noyce, president of Embrace Home Loans. "By adding Streamline 203(k) loans to our product offerings, we are able to continue this noble project and assist in the revitalization of communities across the United States.’

Streamline 203(k) loans cover the repair or replacement of roofs, gutters, HVAC systems, plumbing, electrical systems and flooring. The loans can also be used to cover minor, nonstructural remodeling projects; painting; weatherization; disability access improvements; and appliance replacement.

SOURCE: Embrace Home Loans

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