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REHABILITATION FINANANCING FOR FIXER-UPPER HOMES - REHAB YOUR NEW PURCHASE WITH FHA 203(K) FINANCING and JOIN THE REAL ESTATE RECOVERY.

By Lenn Harley

Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

July 28, 2011 01:12 AM

PROBLEM: We love the house but there's no garage. . . SOLUTION: FHA 203(k) Financing in Prince George's County, Montgomery County in Maryland and Fairfax, Loudoun and Prince William Counties in Northern Virginia.

Join the Real Estate Recovery by rehabilitating a home and gain value.

REHABILITATION FINANANCING FOR FIXER-UPPER HOMES - REHAB YOUR NEW PURCHASE WITH FHA 203(K) FINANCING

YES! You'd be surprised at the flexibility of FHA 203(k) financing. Consider the below:

You CAN buy that "Fixer-Upper" and finance the repairs, upgrades, additions, finished basement and more. . . .
Foreclosures are for sale throughout Maryland and Northern Virginia. The banks that sell these properties don't make repairs. However, if the property is in your location of choice but needs upgrading. WE CAN HELP.

Before and After suggestion, ADD A GARAGE!!

FHA 203(k) Financing BEFORE

The house is in the right location.
The house is in the right price range.
The house is in sound condition.

The house doesn't have a garage. or
The house has only one full bath. or
The house has an unfinished basement. or
The house has termite damage and the seller has no funds. or
The house needs a new roof and the seller bank will not replace.

Under a regular FHA loan, any repairs must be completed prior to loan approval.
These and more upgrades/repairs can be financed AFTER you take posession under an FHA 203 (k) loan.

PROBLEM: We love the house but there's no garage. . . SOLUTION: FHA 203(k) Financing.

SOLUTION: WITH FHA 203(k) financing, you can buy the property and complete the garage (plus a bonus room and perhaps another bath) AFTER closing and finance the cost of the garage and perhaps a bonus room and another full bath.

REHABILITATION FINANANCING FOR FIXER-UPPER HOMES - REHAB YOUR NEW PURCHASE WITH FHA 203(K) FINANCING

Some of the benefits of FHA 203(k) financing include the buyer's ability to select your own paint colors, carpet grade and color. Lenn

WHO IS ELIGIBLE FOR FHA 203(k) financing?? Any home buyer who would qualify for FHA Financing.

Areas served: Maryland and Northern Virginia counties served for FHA 203(k) financing:
Maryland Real Estate: Frederick, Montgomery and Prince George's.
Virginia Real Estate: Fairfax, Loudoun, Prince William, Stafford.

For more information about FHA 203(k) financing, call Lenn Harley, Broker, Homefinders.com, 800-711-7988.

PROBLEM: We love the house but there's no garage. . . SOLUTION: FHA 203(k) Financing.

REHABILITATION FINANANCING FOR FIXER-UPPER HOMES - REHAB YOUR NEW PURCHASE WITH FHA 203(K) FINANCING

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Lora "Leah" Stern 914-772-4528

Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY

Real Estate Salesperson

Lenn what a great explanation of a great product and too many people (agents included) are just not aware of this.

Jul 28, 2011 02:26 AM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

Leah. Indeed. Agents need to embrace this loan.

Thanks for your mail.

Jul 28, 2011 02:37 AM

Judy Jennings

Top Agent Plus - Middleboro, MA

Tap into Judy's real estate expertise & resources.

A forward thinking listing agent might even have information on 203K loans available for those that view the home, but don't have the "vision" to see the potential for adding their must have items (garage, extra bath). Well said, and nice visual.

Jul 28, 2011 02:53 AM

Rodney Mason, VP of Mtg Lending

Guaranteed Rate NMLS# 2611 - Atlanta, GA

AL,AR,AZ,CA,CO,FL,GA,IN,MI,MS,NC,NV,SC,TN,TX,VA,WA

The FHA 203(k) is the perfect program so that home that is "almost" perfect, but just not quite right. I have one right now where the buyer is adding a new garage.

Jul 28, 2011 03:20 AM

Wanda Kubat-Nerdin - Wanda Can!

Red Rock Real Estate (435) 632-9374 - St. George, UT

St. George Utah Area Residential Sales Agent

FHA 203k financing is a great way to go toward making a potential property, a home sweet home! Great post Lenn!

Jul 28, 2011 03:36 AM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

Judy. If I were a listing agent, you could bet your boots I'd be doing just that.

Rodney. GOOD FOR YOU.

Wanda. Thanks. There are more to come.

Jul 28, 2011 03:47 AM

Gayle Rich-Boxman Fishhawk Lake Real Estate

John L Scott Market Center - Birkenfeld, OR

"Your Local Expert!" 503-739-3843

Lenn, I'm lovin' this, because a garage or a 2nd bath lately seem to be the objections people throw out at looking for a vacation home here at Fishhawk Lake--or even future fulltime. Sometimes, they WOULD qualify for an FHA loan. We also can do USDA loans, but the criteria is somewhat different. Then, of course there are those CASH buyers...we like those, too!

Jul 28, 2011 04:32 AM

Daniel H. Fisher

www.FisherHermanRealty.com (704) 617-3544 - Charlotte, NC

MCRP - Charlotte Real Estate, NC or SC

Thanks for the informative post, Lenn. Charlotte NC and SC area homebuyers can get the house the want in the perfect location using the 203k streamlined and full loans for repairing or adding improvements. HUD has a great information site for 203(k) Rehabilitation Loans. They also have a set of common Questions and Answers that Charlotte NC homebuyers have found useful

Jul 28, 2011 04:47 AM

Ilona Matteson

Beach Realty & Construction on the Outer Banks of NC - Duck, NC

Ilona Matteson

For me, the best part about selling real estate is providing solutions and options to address the client's needs.

Great idea!

Jul 28, 2011 04:47 AM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

Gayle. Indeed. Primary residences is the best bet for FHA 203(k). That said, I'm sure you have full time residents that could benefit.

Daniel. Mmmmmm. If they're in my area, they can just call me.

Ilona. You bet. There are many good ideas out there.

Jul 28, 2011 04:54 AM

Nick Vandekar, 610-203-4543

Realty ONE Group Advocates 484-237-2055 - Downingtown, PA

Selling the Main Line & Chester County

Great post, great way to turn a no to a yes. Had a client recently did exactly this in a condo that had not been lived in for ten years and needed totally updating.

Jul 28, 2011 05:50 AM

Mona Gersky

MoonDancer Realty, Dillsboro,NC - Sylva, NC

GRI,IMSD-Taking the mystery out of real estate.

This is a great program and isn't one brought up by many lenders. Guess, that's our job too! Sometimes it is frustrating when a house is spot on except for one thing like a garage.

Jul 28, 2011 07:33 AM

Lou Ludwig

Ludwig & Associates - Boca Raton, FL

Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Lenn

The FHA 203 k program is a excellent financing program that helps sell the home and helps the buyers get into homes that need some work.

Good luck and success.

Lou Ludwig

Jul 28, 2011 11:35 AM

Dominic Tartaglia

Tartaglia Homes - San Luis Obispo, CA

GRI, SLO first-time homebuyer specialist

Lenn, I have been trying to get a buyer that can get into a home with the 203K program and have yet to land that fish but in San Luis Obispo County there are a number of homes that could really shine after a buyer utilizes the program! Great visual with the garage by the way

Jul 28, 2011 11:45 AM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

Nick and Trudy. 203k is a tax difficult for condos, but it can be done. Good for you.

Mona. I did a 203(k) on a home just to add a garage.

Lou. Indeed it is. I'm looking for some "fixer-upper" buyers.

Dominic. Thanks. The thing about the 203k that makes it so attractive is the "instant equity" if the price/upgrades, etc. are projected correctly. All of our buyers have gained significant equity.

Jul 28, 2011 11:50 AM

William Johnson

Retired - La Jolla, CA

Retired

Hi Lenn, It is always a wonder why more real estate professionals forget about this terrific advantage in FHA financing. It is that extra bit of knowledge and expertise over and above what it takes to do a simple transaction that will help build these clients into lifetime clients. I am suggesting this post not because you need another another feature post but because it takes getting his message into the minds of others several times before they seem to connect the dots. Consumers are better off when they get the expert counsel that not only helps them find the right home but to also be able to enhance that property for better use and that also adds the the extra value for their family as well as other families when they are finsihed with it. Comment sent from my iPad! Woo Hoo! :-)

Jul 28, 2011 12:43 PM

J. Philip Faranda

Howard Hanna Rand Realty - Yorktown Heights, NY

Associate Broker / Office Manager

As much as I dislike "gubment" programs, I love the FHA and the 203k is no exception. It has made me money.

Jul 28, 2011 04:23 PM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

William. Thanks for the "suggest". However, for some reason, the feature editors have never featured anything I've ever posted in the way of information for the consumer, home buyer or seller. My features have all been "hard core" real estate matters or matters of real estate brokerage practices.

Phil. Me too. This program has remained relatively clean and useful.

Jul 28, 2011 11:12 PM

Renée Donohue~Home Photography

Savvy Home Pix - Allegan, MI

Western Michigan Real Estate Photographer

203K is such a great and flexible product for buyers wanting to improve the home!

Aug 01, 2011 01:26 AM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

Renee. Indeed it is. A loan officer who is experienced with this financing is priceless.

Aug 01, 2011 01:35 AM

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REHABILITATION FINANANCING FOR FIXER-UPPER HOMES - REHAB YOUR NEW PURCHASE WITH FHA 203(K) FINANCING and JOIN THE REAL ESTATE RECOVERY.

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