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fixer upper: What is a 203k Rehab loan? - 04/24/08 01:45 PM
I really love this house, but it needs work...
The FHA 203(k) loan allows the buyer to finance the cost of improving an existing 1-4 unit property into 1 loan at a long term fixed or adjustable rate. The mortgage amount is based on the projected value of the property with the work completed (taking into account the cost of the work). All this jargon basically means you can buy the property and fix it up with 1 loan.
The FHA 203k program is used to make improvements to an existing property. They can be used to make simple up-grades … (3 comments)
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fixer upper: Tips for consumers considering a bank REO - 04/14/08 01:41 PM
REO is an acronym for real estate owned and is industry jargon for foreclosure property repossessed by banks or lenders. If a bank or lender is the highest bidder at a foreclosure auction — or if no third party bids at the auction — the property reverts back to the lender and becomes an REO. REOs are owned by banks. Lenders go to great lengths to sell REOs. For banks, however, bank-owned homes are a liability. · First-time buyers will need to be pre-approved by one or more lenders.
· Don’t be surprised if the bank that owns the home requires that … (4 comments)
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Melissa Kiser, a next generation Realtor
Huntington Beach,
CA
More about me…
Star Real Estate
Address: Huntington Beach, CA, 92648
Cell Phone: (310) 489-8379
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