Philadelphia, PA-NJ – Horsham, PA; June 22, 2010- Gateway Funding Diversified Mortgage Services, LP announces the offering of renovation loans for home owners. The FHA 203(k) offered by Gateway Funding Inc. is a fully disbursed first mortgage loan with which a borrower can purchase or refinance a property and include the cost of renovation with one closing.
According to Gateway Funding, more than 60 percent of home improvements are financed by high-interest rate second mortgages, unsecured credit card debt, high-interest rate retail installment loans or savings. Obviously, a first mortgage renovation loan would be a great alternative to the first three methods of payment. The largest benefit to the borrower is that interest on first mortgages is tax deductible. The other methods would most likely be at a higher rate of interest and will most likely, not provide a tax deduction.
Borrowers can use it to improve the energy efficiency of their home, take advantage of tax credits, add on instead of moving out, and turn their house in to their dream home. Additionally, explains Gateway Funding, existing homeowners who would like to replace their appliances, update or modernize a kitchen or bath, add on to their home, or improve their energy efficiency can do so with a 203(k) loan.
About Gateway Funding
Gateway Funding Diversified Mortgage Services, L.P., established in 1994, is a full service mortgage banking firm offering a diverse product line and unparalleled customer service. Our knowledgeable and seasoned Account Executives and Operations Staff are committed to helping our clients meet the needs of their customers. We recognize the challenges our clients and borrowers face today. We are determined to find the best possible solution for your customer’s current financial needs.
For additional information contact:
203k Renovation Lending Manager
Gateway Funding Diversified Mortgage Services, L.P.
300 Welsh Road, Building 5 • Horsham, PA 19044
seckles ( @ ) gateway-funding dot com