In the Phoenix Housing Market, I have noticed an increase in the following situation. A seller (normally a bank) will not make any repairs. The buyer can't get financing because of the needed repairs. What do you do? (Legally)
The FHA 203(k) may be the answer. The 203k product is an FHA program that deals with properties that need repairs to qualify.
If any of the following apply, you should ask a lender about the FHA 203(k) program.
Customers who:
- Are interested in purchasing a property that needs repairs.
- Are existing homeowners who need funds to rehabilitate their property.
- Want to save time and money by financing the purchase or refinance with the cost of repairs.
- May not qualify for a conventional loan.
- Have low to moderate incomes.
- Are first-time homebuyers.
- Have credit blemishes or low credit scores.
- Have limited cash for down payment or closing costs.
- Want to improve their home and neighborhood.
The loan can be complex due to the timing of repair receipts and the holding of repair escrows. If you need a qualified lender that can handle this type of situation, please call:
Paul Becker
Envision Lending
(602) 318-6205
If you need a real estate agent to find the perfect home, please call:
Bob Pearson
Keller Williams Realty Professional Partners
623-363-2438
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