As the real estate market dropped so did many of the programs lenders offered, one of these was the FHA 203(k) rehabilitation loan. I am glad to say that they are now back. Hopefully this is a sign that the market is improving as it could offer a great option for many of the foreclosures that are in slightly less than liveable condition. Banks are not likely to invest in a foreclosed property they own to meet FHA requirements for a sale and a buyer should not invest in a property they do not own. This leaves the seller looking for that "cash buyer" and the buyer looking somewhere else. The FHA 203(k) could help make that sale happen. I have worked with these loans in the past and I won't sugar coat it, they are not always simple and do require time and patience, but for the right person it can offer an exceptional value.
National Mortgage Licensing System (NMLS) # 71631
Birmingham, MI. 48009