It is a very exciting time right now. I have had my nose down learning all there is about the 203k FHA loan.
This isn't the easiest process but having someone who knows what to do can make it a very rewarding way to purchase a property and put it in the shape you want with very little out of pocket.
I'm happy to say I am that contact that understands the 203k and how to make it work for you or your client.
I have found that there is very few that know how this program works or ever that it exist. It has been around for about 30 years but there were very few banks willing to or understand how to underwrite it. There still is a shortage of banks doing the 203k but the list is getting larger and I have a few that I work with what do understand and work with me on this important program. So if you are looking or showing a property that needs work ie: damaged, roof repair, missing equipment, air conditioning missing or damaged, appliances missing, or just want to add solar equipment or other energy efficient items to your home and falls under the FHA normal lending guide lines this can be great option to pulling out piles of cash up front to put a property back together.
I believe this program can take a large chunk of these REO's and make them viable properties for you or your client. Without 203k your client would need 5k to 100K cash to put some of these homes on the radar now you can purchase the home right and put the extras in that you want and have the whole package in one low FHA payment.
If you don't use my services make sure you do your home work and find someone that knows this program before entering into the water of 203k. Knowledge is king with this market changing program.
Up to 110% of future appraised value after repairs.
Of course this is on approved credit.
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