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Roy and Dolores Kelley Photographs & FHA 203(k) 9/25/11

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Industry Observer with Retired

Roy and Dolores Kelley Photographs & FHA 203(k) 9/25/11

FHA 203(k) Rehabilitation Financing

1.  May be used for the owner occupant purchase of lender owned foreclosures or short sale pre-foreclosures that have deferred maintenance, repair or renovation needs.

2.  May be use to fix up and refinance the current residence.

3.  Can be used on conforming or jumbo FHA mortgage loans.

4.  The cost of renovation can be included in the FHA mortgage loan.

 Funding can be used for the following:

1.  Structural alterations and reconstruction.

2.  Kitchen or bathroom renovations or finishing a basement.

3.  Major landscape work or site improvements.

4.  Elimination of health and safety hazards.

Prospective home buyers that wish to use renovation financing should obtain pre-approval for mortgage financing as a preliminary step in the home purchase process.  Loan officer selection is important because many do not have the needed experience.

Saturday morning, July 16, 2011, walk through Kentlands and Lakelands in Gaithersburg, Maryland. Canon PowerShot G11 camera. Photographs by Roy Kelley.

Roy and Dolores Kelley Photographs

Posted by

Roy Kelley, Retired, Former Associate Broker, RE/MAX Realty Group

Gaithersburg, Maryland  

Comments (23)

Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Roy:  This is a good list of reasons why/how FHA 203(k) financing can be used.  Thanks for sharing this resource.

Sep 25, 2011 12:37 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Roy....thank you for providing that useful list regarding FHA financing.....have a great Sunday....

Sep 25, 2011 12:40 AM
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

I have never used this product. Have you Roy? I hear from others that it can be quite challenging.

Cal

Sep 25, 2011 12:51 AM
Diane Grady
Endless Summer Realty - Saint Augustine, FL

Great tips and more beautiful flowers. Thank you Roy! You brighten my mornings!

Sep 25, 2011 01:13 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

The FHA 203(k) program is terrific in more established areas of the country. We are seeing some application here in Florida. Nice flowers, vivid colors. Enjoy your day!

Sep 25, 2011 01:37 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Roy- I think you and Dolores need to come down to the American Orchid Society HQ and work your camera magic with the orchids there.  I'd love to see the results. 

Sep 25, 2011 02:07 AM
Roy Kelley
Retired - Gaithersburg, MD

Good Sunday morning to all.  Thanks for your comments.  Have a most productive week!

Kathy:  Dolores and I have hundreds of orchid pictures in our Facebook albums.

Cal:  You should be using the FHA 203(k) program to help your buyers purchase the fix up properties and include the renovation costs in the mortgage.  The key to success is an experienced loan officer.

Judith:  Dolores and I went to the Dahlia Show at Brookside Gardens on Saturday.  So, this weekend, Dahlias are my favorite flowers to photograph.

Dahlia Show, sponsored by the National Capital Dahlia Society, at Brookside Gardens. Saturday afternoon, September 25, 2010. Canon PowerShot G11 camera. Photograph by Roy Kelley.

Roy and Dolores Kelley Photographs

Sep 25, 2011 02:30 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hi Roy, I have my first 203k deal (I hope) that I wrote on yesterday.  It is a fixer up for sure, previos people knock out most the walls and spray painted what was left.  Hope the loan office can advice my clients what thery can do.

Sep 25, 2011 04:01 AM
Dawn Crawley
Dawn Crawley Realty - Pinehurst, NC
Find Pinehurst Homes

Always a helpful post from you on AR, Roy. I also like all the recipes you post on FB. Maybe someday I'll bake somethin. Here's another photo from the dog show last weekend:)Pinehurst Dog Show

Sep 25, 2011 04:23 AM
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

Hi Roy.  We actually have a buyer that might be using this program.  Have a great Sunday!  Here's some Colorado gold for you.

aspens

Sep 25, 2011 04:35 AM
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Roy, great information on FHA 203K loans.  And, wonderful photos, as always.

Sep 25, 2011 05:08 AM
Debb Janes
Nature As Neighbors - Camas, WA
Put My Love of Nature At Work for You

Hey there - thanks for the information. I've had other agents tell me about using the 203K loans - it seems like a great option.

By the way, I would have guessed Dahlias as your favorite flower. Enjoy your weekend.

Sep 25, 2011 05:33 AM
Roy Kelley
Retired - Gaithersburg, MD

Good to hear from you. Thanks for your supportive comments and special thanks for your re-blogs.

Will:  Make sure you use an experienced loan officer for your 203(k) deal.  Use the streamlined 203(k) for a budget to $35,000 and the regular 203(k) for amounts above $35,000.

Dawn:  That pooch looks like he enjoys pampering.

Belinda:  Thanks for sharing your photograph.

Debb:  You should learn how to use FHA 203(k) financing if you are selling homes within the FHA limits.

Have a great day and a most productive week.  Be sure to have your camera in hand for those special moments.

 Life is good!

Dahlia Show, sponsored by the National Capital Dahlia Society, at Brookside Gardens. Saturday afternoon, September 25, 2010. Canon PowerShot G11 camera. Photograph by Roy Kelley.

Roy and Dolores Kelley Photographs

Sep 25, 2011 06:09 AM
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Roy & Dolres

I really like the pictures of the flowers. Excellent jobof photography. Thanks for the list of FHA 203 (k) financings.

Sep 25, 2011 07:07 AM
Yolanda Cordova-Gilbert
Richmond, TX

Roy,

       Good information on FHA 203(k) financings! Great pictures of flowers they brighten my day. I think another passion must be cooking you always post great recipes!

Sep 25, 2011 07:37 AM
Barbara Altieri
Better Homes and Gardens RE Shore and Country Properties - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

Roy -- Good advice on the 203K to get an experienced loan officer. Kind of like getting an experienced short sale agent to handle your short sale. Both cases need specialized education and experience for a successful outcome.  On another note -- the pictures are spectacular!!!!!!

Sep 25, 2011 11:39 AM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Roy, thanks for the FHA info and for the beautiful photos...my favs are the yellow flowers.

Sep 25, 2011 02:58 PM
Roy Kelley
Retired - Gaithersburg, MD

Thanks so much for your comments. Be sure to have your camera in hand to capture the changing colors of the season.

Dahlia Show, sponsored by the National Capital Dahlia Society, at Brookside Gardens. Saturday afternoon, September 25, 2010. Canon PowerShot G11 camera. Photograph by Roy Kelley.

Roy and Dolores Kelley Photographs

Sep 26, 2011 01:42 AM
Roy Kelley
Retired - Gaithersburg, MD

We have another beautiful day in Kentlands and life is good.  I hope you are having a most productive week.

Sep 14, 2016 03:22 AM
Roy Kelley
Retired - Gaithersburg, MD

Jul 05, 2017 04:26 AM