Admirals expands home lending options through FHA program

PROVIDENCE – Admirals Bank has added an FHA 203(k) loan to its product suite in order to expand its variety of home lending offerings to customers, the bank announced.
The FHA 203(k) loan allows customers to secure a home mortgage at a long-term fixed or adjustable rate or to finance the purchase, refinance or renovation of a residential property based on the after-improved value, instead of the customary as-is value, according to the bank.
Loan amounts vary based on county, state and location of property, but are commonly from about $271,000 to about $729,000.
“This loan is vastly advantageous for the individual seeking to purchase distressed properties or refinance and renovate an existing home,” said Robert Briden, Admirals Banks vice president and director of loan originations. “Buyers looking to acquire homes that offer everything they are looking for, such as access to good school systems, proximity to work and value frequently take advantage of this loan to procure and rehabilitate desired properties. Otherwise, they may have to wait years to gain sufficient equity in market appreciation.”
Boston-based Admirals Bank has a regional banking center in Providence.
Information on the FHA 203(k) loan is available at (800) LOAN-ONE or at www.admiralsbank.com.