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FHA 203(k) Program: Additional funds for property rehabilitation

By Joshua Talayka

Real Estate Agent with Chase Internatinonal

April 30, 2009 05:45 PM

The Section 203(k) FHA Program can be used to not only purchase a home, but also improve/repair it. Its FHAs primary program for the rehabilitation and repair of single family properties. It has been a great tool for community and neighborhood revitalization. Many lenders have successfully used the program to help borrowers purchase and rehabilitate properties.

See the complete 203(k) details: FHA 203K

Should you have any questions or need further information,
please don't hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

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Beena Shah

Keller Williams Realty-Hoover - Birmingham, AL

Thanks for the blog. I am assisting buyer on a deal that might very well turn into 203k loan. An info on this topic is appreciated. I am hearing more and more on this due to wide spread foreclosures.

Feb 27, 2010 09:35 AM

Joshua Talayka

Chase Internatinonal - Reno, NV

If your deal is going to turn into a 203k loan, then I would definitely recommend you begin looking for a lender who handles the FHA 203k immediately. What I ran into, was that most lenders don't like working with the FHA 203k (even if the are qualified to) just because there is quite a bit more work and paperwork involved.

Also, many lenders who will work this loan may not be able to close in a short enough time to facilitate an REO transaction. Once you determine which lenders will even work with the 203k program, I would recommend verifying with other agents if they are known to be able to close in time for an REO.

Mar 11, 2010 11:00 AM

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Joshua Talayka

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