Have you ever had a buyer that really loved a house but needed repairs done and the seller wouldn't fix it and the buyers didn't have the money to do it? Then a 203k loan may be your ace in the hole! With all of the foreclosures and short sales going on, a lot of homes are in disrepair . Depending on what type of repairs will determine whether it will fall under the streamline or full 203k product.
Some of the items that fall under the streamline (max $35,000) are:
*Repair/Replacement of roofs, gutters and downspouts * Repair/Replacement/upgrade of existing HVAC systems * Repair/Replacement/upgrade of plumbing and electrical systems * Repair/Replacement of existing flooring * Minor remodeling, such as kitchens, which does not involve structural repairs * Exterior and interior painting * Weatherization: including storm windows and doors, insulation, weather stripping, etc. * Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwaves. * Improvements for accessibility for persons with disabilities. *Lead based paint stabilization or abatement of lead based paint hazards. *Repair, replacement or the addition of exterior decks, patios and porches. *Basement remodeling which does not involve structural repairs. *Basement waterproofing. *Window and door replacement and exterior siding replacement. *Well or septic system repair or replacement
Typically termite damaged homes or enlarging the home would be more structural and would fall under the full 203k financing program
I am sorry for the late notice but if you'd like to find out more about how these loans really work, I would like to invite you and any of your associates or contractor contacts to our free 203k Seminar. This will be held this Thursday, May 12 from 6-9 p.m. at my Danville office at 588 San Ramon Blvd in Danville. At this time the cost is free! Food and beverages included. Space is limited and time is of the essence. I will need to know if you will be coming and bringing any guest by 3:00 p.m. tomorrow. 203k will not only help your buyers but your sellers too!
Comment here, Email me or call me today!!!!!!!!!!
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