WHAT IS THE FHA/HUD 203K lOAN PROGRAM

By
Real Estate Agent with Duval Realty of Jax

 WHAT IS THE FHA/HUD 203K lOAN PROGRAM?

The Federal Housing Authority's 203k loan program is HUD's primary program for the rehabilitation and repair of single-family properties and Multi-Family Properties. By offering funds to both purchase and rehabilitate properties, it is an important tool for community and neighborhood revitalization efforts and for expanding homeownership opportunities.

WHAT IS AN FHA SECTION 203K LOAN?

The 203k is a Federal Housing Administration (FHA) mortgage insurance program, which enables homebuyers and homeowners to finance both the purchase (or refinance) of a house and the cost of its rehabilitation through a single mortgage, or to finance the rehabilitation of their existing home. The minimum amount that can be borrowed is $5,000.

Charles H Gaulden FHA/HUD 203K Consultant 

WWW.NorthFloridaShortSales.com

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Topic:
Home Buying
Location:
Florida Clay County Middleburg 218 & Blanding
Groups:
Active Rain Newbies
Tags:
buying homes
short sales
bank foreclosure
home improvement
fha 203k
fha hud

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Rainer
76,034
Mary Ellen Holleran
Holleran Real Estate - Chapel Hill, NC

Charles, I see these all the time attached to a foreclosure listing-that the property qualifies. I am always curious as to how difficult they are to get, how much paperwork? Do you have experience with this?

Jun 15, 2011 12:09 AM #1
Rainer
325,315
Bernadine Hunter, SFR, ACRE
Keller Williams Greater Columbus Realty - Pickerington, OH
"Finding Solution to Your Real Estate Needs"

Thanks for the post on what is sometimes an overlooked area in real estate purchase. Some loan officers aren't even up on how these programs work.

Jun 15, 2011 12:29 AM #2
Anonymous
Charles

Dear Ms. Mary,

Yes, I do 203k Consulting for Three Large Lenders in Jacksonville, Florida all the Time.

They are not difficult at all. Just a little more paper but, not to mcuh. If I could be of any assistant Please give me a call 904-859-1778

 

Charles H Gaulden FHA/HUD 203k Consultant (ALLPro Realty Specialists Jacksonville Fl)

WWW.NorthFloridaShortsales.com

  

 

Jun 15, 2011 06:01 AM #3
Rainmaker
613,229
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

With the "paperwork reduction act" FHA implemented years ago, it meant we had to provide the paperwork... lol.

Nice post Charles. how long have you been consulting?

Jul 26, 2011 05:04 PM #4
Rainmaker
19,262
Charles H. Gaulden
Duval Realty of Jax - Jacksonville, FL

14 years.

Jul 27, 2011 12:11 PM #5
Rainmaker
156,952
Fred Sweezer Sr.
Hud Certified 203K Consultant - Long Beach, CA
Certified Home Inspector

Hello Charles,

I am working in the Los Angeles, CA area as 203k Consultant, thanks for the post!

 

Aug 01, 2011 04:14 AM #6
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Rainmaker
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Charles H. Gaulden

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