| Foreclosures in Nassau County, Suffolk County and | | | | the mortgage lender, the mortgage loan (the maximum |
| the NY Metro area continue to increase due to the | | | | allowable amount) is eligible for endorsement by HUD |
| struggling economy. As a result, some homes become | | | | as soon as the mortgage proceeds are disbursed and |
| neglected over time and develop situations that | | | | a rehabilitation escrow account is established. At this |
| subsquently require a restoration company to | | | | point the lender has a fully-insured mortgage loan. |
| perform repair work. Initiating necessary foreclosure | | | | Advanced Restoration Corporation is a full service |
| repairs for a property can be accomplished by a | | | | property damage restoration company that has the |
| potential homeowner applying for a mortgage related | | | | abiltiy to execute all necessary repairs to a property |
| to the 203(k) Program. | | | | that qualifies for a 203(k) loan. For more information on |
| 203(k) Mortgage | | | | FHA 203(k) loans and how Advanced Restoration can |
| The Federal Housing Administration (FHA), which is | | | | partner with you, please contact Gary Matzelle at |
| part of the Department of Housing and Urban | | | | (800) 693-6263. |
| Development (HUD), administers various single family | | | | _______________________ |
| mortgage insurance programs like a 203(k) mortgage. | | | | |
| These programs operate through FHA-approved | | | | Advanced Restoration Corporation is a family-owned |
| lending institutions which submit applications to have the | | | | and operated full-service property damage restoration |
| property appraised and have the buyer\'s credit | | | | company with a combined 75 years experience in |
| approved. These lenders fund the mortgage loans | | | | dealing with Fire & Smoke Damage Restoration, |
| which the Department insures. HUD does not make | | | | Water Damage, Mold Remediation and |
| direct loans to help people buy homes. | | | | Reconstruction. We service Long Island (Nassau |
| | | | County, NY; Suffolk County, NY) and the New York |
| One Mortgage Loan | | | | area. |
| When a homebuyer wants to purchase a house in | | | | When disasters strike, Advanced Restoration is ready |
| need of repair or modernization, the homebuyer usually | | | | to respond 24 hours a day, 7 days a week. You are |
| has to obtain financing first to purchase the dwelling; | | | | guaranteed to speak with one of our knowledgeable, |
| additional financing to do the rehabilitation construction; | | | | caring team members, day or night. Our immediate |
| and a permanent mortgage when the work is | | | | response to a claim/property loss helps minimize the |
| completed to pay off the interim loans with a | | | | damages to the structure, contents, and ease the |
| permanent mortgage. Often the interim financing (the | | | | sometime catastrophic effect that a disaster may |
| acquisition and construction loans) involves relatively | | | | have on an owner or occupants. |
| high interest rates and short amortization periods. | | | | Our company is dedicated to serving our clients with |
| The Section 203(k) program was designed to address | | | | courteous and prompt service. We take the utmost |
| this situation. The borrower can get just one mortgage | | | | pride in the craftsmanship of our work. As certified |
| loan, at a long-term fixed (or adjustable) rate, to | | | | specialists in water mitigation and fire/smoke |
| finance both the acquisition and the rehabilitation of the | | | | restoration, we have the knowledge, expertise and |
| property. To provide funds for the rehabilitation, the | | | | experience to deal with all types of property damage. |
| mortgage amount is based on the projected value of | | | | Our professional staff is also trained in all aspects of |
| the property with the work completed, taking into | | | | mold remediation and damage appraisals. |
| account the cost of the work. To minimize the risk to | | | | |