Turn this:
Into this:
By using an FHA 203K loan.
You find this great house that is in the perfect location, in a great school district, close to shopping and a yard your buyer always wanted. It’s the lowest price in the neighborhood.
Unfortunately It's a foreclosure and the last occupant decided to just destroy the house before they left – taking all the appliances, ripped up the carpet, punched holes in the walls, broke windows to name a few.
First time home buyers can't imagine fixing all of this.
Most will just turn around and walk out the door because they believe they couldn’t possibly come up with the money or the time to complete repairs.
The 203k loan allows a home buyer to purchase a home in need of repairs and remodel it. Some of the items that can be replaced include flooring, counters, windows, roofing, drywall. Install a new bathroom, add a room, second story, new kitchen and even energy efficient appliances can be included! If you have a large project that needs a full gut job or additional rooms, the Standard FHA 203(k) is the right program. View allowable improvements for the Standard 203K.
Need to update a home without "gutting it"? Try the 203k Streamline!
A streamline FHA 203k allows up to 35,000 toward repairs. There is a minimum of 5,000 in repairs required. No structural repairs are allowed under the streamline 203k.
This program does require health and safety repairs as mandatory like peeling lead paint, missing smoke detectors or replacing missing railings. All health and safety issues must be addressed first.
There are two draws. View allowable improvements for the Streamline 203K
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North County
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In the right circumstances it's a great product, foreclosures tend to be prime candidates. Great highlights Nevin!
Great for fixer uppers Nevin. Definitely worth checking into.
The 203k is a perfect loan for many, many home buying situations.
Call a 203k expert and find out how you can buy (or sell) a home with the 203k program.
The fha 203K loans can be very beneficial to buyers. Lots of good information on these loans. I find many agent/buyers are not aware of them.
Good info. Now . . . if we could just get buyers to hold on while the repairs are done . . . they have to "budget" in their time for the rehab, and some buyers are on the time clock to move. It's a great program, and if all the variables are in place, it can work out wonderfully well.
Diane - With so many neighborhoods experiencing blight and the large inventory of foreclosures these loans can help turn our industry around by "cleaning up" neighborhoods and increasing property values. Not enough people use this loan.
Tagrid - Thank you
Randy - There are plenty of fixer uppers so we should be using this product!
Paul - Agreed. We specialize in 203K loans in the states of CA, OR, WA and NC
Joan - Either that or they are reluctant to use them hoping for a quick close. Reality is these loans can help get some neighborhoods cleaned up.
Carla - Agreed. For those buyers who want to have a custom home in an established neighborhood this program is terrific