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Not every home is a 203k potential - Colorado Springs CO

By
Home Inspector with 203kOnLine.com, covering the USA S0289

I see lots of homes each year and you would be surprised at that ways the FHA 203k can help fulfill your dream home plan.

203k or not to 203k, that is the question

What can we say about this home? It was in a fire some time ago, there is no reason for it to still be in this condition. Buyers walk for whatever their reasons may be.

The home had a CO or Certificate of Occupancy at least a year ago, and we have the foundation, then it is a 203k potential sale or refinance. The buyer in this case likely received their insurance money and walked to find another home... that is okay. Lets say the kept the money and stayed... it could have been a total renovation for somewhere below 5% interest in most cases and possibly under 4% where it was last week.

The owners could have put it on the market as a 203k special property and marketed that way for a new buyer would be able to put all new everything except the foundation which qualifies it for the 203k loan program. This could be a 203k or HomeStyle home, as is.

Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

To learn more about the FHA 203k loan program go to www.203kOnLine.comWhat is your fee? 

Got a 203k project giving you "fits" contact www.203k911.com. If you are looking for quality 203k software for consultants to speed up the underwriting process..

877-207-6565  state your name when asked please, it is dialing me at the same time.

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Comments (6)

Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

One of the things that I like about you Mike is the You Have Vision!

The possibilities seem endless with the 203k program.

Aug 26, 2012 02:22 PM
Mike Young
203kOnLine.com, covering the USA - Stallings, NC
FHA 203k Consultant 916-758-1809

Hi Tom,

That is what I try to let everyone know... think out of the box. It is wide open territory and so flexible. It also doesn't have to be a residential property to begin with, as long as it is when we finish.

Aug 27, 2012 11:39 PM
David Artigliere
Reading, Pottstown, Norristown, Philadelphia - Collegeville, PA
ARTI Home Inspections, ASHI Certified Home Inspect

Mike,

I still run into a number of agents that haven't used this 203K program.  Educating them helps to reduce the fear and show them this is a really great tool.  Love the picture, by the way!

Aug 28, 2012 08:04 AM
Bret & Meredith Amon
LIV-Sotheby's International Realty - Breckenridge, CO
Breckenridge, Keystone, Silverthorne, Frisco,

Good post-- news to me.

Aug 29, 2012 03:30 AM
Mike Young
203kOnLine.com, covering the USA - Stallings, NC
FHA 203k Consultant 916-758-1809

David, you hit the nail on the head. One of the problems with those who have never done one is that they come off like experts and tell others not to do them... lol

Bret & Maredith, it is really amazing what can be done with the FHA 203k program.

Aug 29, 2012 09:45 AM
Fred Sweezer Sr. CMI, LLC.
Hud Certified 203K Consultant - Long Beach, CA
HUD 203k Consultant

and he could have called in a 203K Consultant to write it up as well!

Aug 30, 2012 08:43 AM