So you've been looking at homes and the only ones you have a shot have one problem or another. Just your luck right? Either the house needs work and it's out of your budget or your Real Estate Agent tells you you can't have the house because nobody will finance it. You're solution is a 203Ks loan. I've written before about 203Ks or 203K streamline, the process and how it all works. Simply put, we finance up to $35,000 for repairs on the house you want to make bring it up to your standards.Since that post, we've become known for having the 203ks system locked down with a system that's unparalleled in this business.

First, its important to have a team in place that can answer all of your questions and make obtaining and managing your loan as easy as possible for you. The Venta Financial Group team here in Whittier, California has put that team together for you. As Loan Professionals might know, the loan process itself is really not to different from any other FHA loan. The biggest difference is making sure you have a Contractor in place that understands how the loan works and provides results not just for the Lender but more importantly for the buyer.

If you've discussed these types of loans before, you've probably heard horror stories about the Contractor wanting more money, work not being done or mechanic's liens being placed on properties. This is where Venta has the edge. Our contractor works directly with the bank to make sure he's paid correctly. He provides invoices directly so that you only have to worry about making sure the house is turning out as you'd like. Worried about going overbudget? Our policy states that we MUST include a 10% reserve to be used in case we go over budget only if the house is 30+ years old although I'd recommend it on each every deal just in case. The requirement goes up to 15% if utilities are off at the time of appraiser's inspection.

Alright but how good could the Contractor's work be? See for yourself below. The work is outstanding and we get nothing but compliments on the work done.

BEFORE                                                               AFTER

BEFORE                                                              AFTER

The work above is done by Juan Madiedo and his team. The market is great and houses that need work are being sold at bargain prices because the general population doesn't think financing for these homes is available. Don't be left out - find a house you like and turn it in to the house you'll love.

Regards

Hector Amendola - VFG

Hector Amendola is an expert in Home Loans. He's been in the Mortgage Industry for 8 years and specializes in FHA and FHA 203Ks loans.