""Carrington Mortgage Services, LLC"":http://www.carringtonhomeloans.com/ will offer a loan program that allows homebuyers to finance property repairs before moving in.[IMAGE]
Carrington announced ""FHA's Streamlined 203k loan program"":http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/203k/203kslrp will be available through the company's retail and wholesale businesses.
The program allows borrowers to take out up to $35,000 for property repairs and can be a solution for those seeking to buy distressed properties that require extra work.[COLUMN_BREAK]
The company stated the retail lending division will now control the operation cycle and servicing for all of its 203K loans. Meanwhile, the wholesale lending division will add the 203K loan program to its portfolio of government-insured products on April 1.
""We are pleased to offer FHA 203K loans through our retail and wholesale businesses, and to bring all aspects of these transactions including underwriting and closing timelines under our control,"" said Carrington's mortgage lending division EVP Ray Brousseau. ""This initiative enables us to more effectively serve our customers as well as the brokers and realtors we partner with, allowing them to widen their markets and approach their local businesses with added confidence in what they have to offer.""
California-based Carrington also announced 203k training will be available to its broker partners beginning in January and throughout the program's launch period.
For upcoming training dates and times, brokers can sign up for the company's Daily Rate Report at ""CarringtonWholesale.com"":http://carringtonwholesale.com/ or connect with a Carrington account executive. Realtors should get in touch with their local Carrington loan officer for more information or connect with a loan officer through ""CarringtonHomeLoans.com"":http://carringtonhomeloans.com/.