Houston-based Envoy Mortgage has expanded its Federal Housing Administration 203(k) loan product offerings to include a full 203(k) loan option.
Envoy already has been offering a streamline 203(k) product, through which borrowers can combine the purchase price of a home, plus up to $35,000 for renovation and repair costs, into a single mortgage transaction. The new full 203(k) product gives borrowers the option to devote more funds for repair and renovations, which are rolled into the mortgage amount.
‘The U.S. real estate market continues to have a high inventory of distressed properties, which include foreclosures and REOs that are a result of the economic downturn,’ says Suzanne Schakett, senior vice president of builder products in Envoy Mortgage's National Builder Division. ‘The full 203(k) loan is a construction-related product that essentially benefits everyone involved in real estate today.’