I love seeing all these different design styles...
isn't it nice how new windows seem to make a difference?. The 203k loan program is making a difference in all neighborhoods as it should. If you have a home that needs some sprucing up then the FHA 203k loan program may be just what you need. I this case Tai Tu of Bank of America was the lead. Tai has been doing 203k loans for a while and right now they have the best rates in town for this product.
Mike, the 203k loan program seems to be picking up steam around here as well. Great photo!
I SO want to complete my first 203k loan.
I've had candidates who thought about using it, but I still have yet to have a buyer use one.
I'm doing them here but the Realtors have not been interested, all my 203k jobs have come from buyers. Some of the buyers say they had trouble finding agents willing to represent them.
Good for you Mike. The 203k seems to be the last choice offering around the Twin Cities.
Thank you all for your comments.
Christie, I'm hearing that from many ares of the country now. 203k has been around since 1961 but everyone thinks it is new... trust me, it isn't. This one pictured is to get a 2-car garage actually dug into the ground to the left front of the home... it will be very cool with the observation deck off the top of it.
Ralph, it is a tool like all your other tools, use it when the need arises. Frankly there isn't a home sold that doesn't need something in someone's eyes. Maybe new carpeting in the master bedroom.. it is a 203k. As a Realtor I would talk nearly every client into makeing the home theres by putting their mark on it... I hate using someone else's carpeting as an example. If the roof is marginal, replace it... the Streamlined "k" is perfect for these smaller projects.
Paul, The Realtors and agents are okay once they realize it is an "all cash to seller" offer. We provide a letter to our lender clients to be used by the Realtors when presenting offers that explains the 203k. Like you say, it is misunderstood by many who should be using it. When we talk about that at Realtor Association meetings they all want to see the letter. That tells me they are thinking about the 203k. I work for quite a few asset managers now and it is clear most of them now will consider a 203k offer. M
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