Buying a Fixer Upper With An FHA 203K Home Improvement Loan

Real Estate Agent with Future Home Realty

In today's Real Estate Market, Tampa Real Estate Agents show many short sales and foreclosures that require some TLC. Many buyers pass up these homes automatically, afraid they cannot afford to make the improvements necessary.

Buyers, and even many Tampa Realtors are unaware of the FHA 203K Home Improvement loans or at least not sure how they work. These loans however can go a long way to getting many of these homes sold, fixed up, often replacing an eyesore with a well taken care of home, a welcome addition to any neighborhood.

There are two types of FHA 203K loans, Streamline and Full.

The Streamline FHA 203K loan allows for up to $35,000 in improvements.

The Full FHA 203K loan is a bit more involved, requiring an FHA Consultant to be involved in this loan, and the amount for improvements is the difference between the loan amount and the appraised value upon completion of the work.

There is no limit to how much you can take out, as long as the total loan does not exceed the local FHA loan limits. You can even build in six months of payments so you can live elsewhere until the work is done.

The Full FHA 203K loan does cost more, but unbeleivably does allow a loan to value ratio of 110%. And we thought these types of loans were dead, though it is important to really consider whether you want to get a loan for 10% more than the home is worth, since that is one of the reasons how we got into the foreclosure mess we are facing now.

The video by the guys at Think Big Work Small explains the FHA 203K Home Improvment Loans extremely well.

When you are ready to look for homes we have a FREE advanced listings search, which allows you to choose all your search criteria including whether you want to look at lists of just short sales, foreclosures, regular sales, or all combined in one list.

Jeff Launiere of Charles Rutenberg Realty can assist you in finding the best properties, negotiate the best deal and help you locate the best financing. Just give us a call at 813-388-9253 or email us at

And our services are FREE to you


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Real Estate General Information
Florida Hillsborough County Tampa
real estate market
fixer upper
short sales
home improvement loan
tampa real estate agents
fha 203k
fha 203k home improvement loan

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Nina Gail Betancourt
North Country Sotheby's International Realty - Croton on Hudson, NY
Westchester County NY

Thanks for posting. I think this is one of the most underutilized programs out there. And you're right, this market provides a unique opportunityt o use this more.

Mar 03, 2011 12:29 AM #1
David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Thanks for posting, I think fixer uppers have so much potential for buyers and they need to know about this program and others like it.

Mar 03, 2011 12:33 AM #2
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Thanks for sharing. FHA 203k and USDA rural loan programs are probably the best options for buyers with low reserves.

Mar 03, 2011 12:34 AM #3
John Durham
Durham Executive Group - RE/MAX/Results - Woodbury, MN


Very good blog with good information for agents and consumers a like. Thanks!

Mar 03, 2011 12:37 AM #4
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Jeff Launiere

Jeff Launiere
Ask me a question
Spam prevention