Special offer

203(K) Fixer Upper Loan

By
Real Estate Agent 3112649

Good news!  I'm working with a buyer that just relocated from Washington D. C.  She introduced me to a 203(K) loan.  It's perfect for this market.  I want to share with you what she shared with me! 

My seller's feel like they have been drinking bleach when they price their home.  My buyers realize that this market IS a great buying opportunity, but feel that prices are still way too high.  A wonderful couple I'm working with finally has a down payment we can work with.  They have sacrificed for 2 years.  They wonder why they've been renting for 9 years.  They KNOW that they can handle the responsibility of a mortgage.  They now know the difference between necessity and desire. 

Just two years ago these same buyers "knew" they would never own a home in Key West.  Now, in the post-bubble real estate market they CAN!  EXCEPT that the most affordable homes, just like every home on the market since the beginning of time, have problems that need to be fixed.  Seller's are strapped and "upside down" and can't pay for them.  What's an eager buyer to do?  The 203(K) loan helped us to make an offer to a seller and make the needed improvements they need to provide a safe home for their children. 

Here's the scoop:  The U. S. Department of Housing and Urban Development has a Section 203(K) loan program.  Money is available to fix up single family residential properties and multi-unit residential housing.  A condo won't qualify.

The loan is similar to a construction loan.  You can get it in conjunction with your regular 1st mortgage and get periodic cash disbursements for improvements.  A buyer can also get the just the 203(K) loan.  Investors qualify too.  Investors need 15% down.  Homestead property need 3% to 5% down. 

For help finding an affordable home that fits your budget call me at (305) 522-1398 or e-mail me at MayaMarieThomas@Hotmail.com.   Good luck and happy house hunting!

Maya M. Thomas
REALTOR®
(305) 522-1398
MayaMarieThomas@Hotmail.com
www.ShowcasePortfolioProperties.com 

Comments(5)

Abe Do
Olympia, WA
Great information, always nice to stay apprised of upcoming programs available.  Thanks.
Oct 25, 2007 04:35 AM
Lori DeLoera
Century 21 Sundance - Port Orange, FL

Is this a new program?  I'm so happy for my buyers, and possibly for myself as a potential investor.  Thanks for the 411.

Oct 25, 2007 04:38 AM
Maya Thomas, Broker
Tampa, FL
Please see my client recommendations.
Thanks so much for your comments!  Nope it's not new.  It's been there for a while.  I heard about it more than 5 years ago but it was so easy to get regular money that most people didn't bother going through a government program.  With the new standards and all the buyers who can't qualify I've been looking for new, old or creative ways to keep the deals rolling.  Good luck!
Maya
Oct 25, 2007 04:42 AM
Jeff Kessler
Austin Homes, Realtors www.OwnAustin.com - Austin, TX
Broker,CLHMS,GRI

I have actually been using this for years now.  I have had some success.  Great post,

J.

 

Oct 25, 2007 05:14 AM
Maya Thomas, Broker
Tampa, FL
Please see my client recommendations.

Thanks so much for your commment!
Maya

Oct 25, 2007 05:16 AM