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203k, who would have believed it would come to this in Fair Oaks?

Reblogger
Managing Real Estate Broker with National Land Realty 120358

The house does not have to be falling down to be eligible for an FHA 203k renovation loan.

It's so easy to do a this kind of loan. 

You find the house.  You decide how you think it should be. 

You get quotes for paint, carpeting, appliances, whatever.... and le voilà, you have a beautiful home for less money.

Finance your home while mortgage rates are low.

Then when the mortgage rates are high sell the same house to a qualified buyer who can assume the mortgage.

It's a win-win for everyone!

Original content by Mike Young S0289

203k surprise Fair OaksThis is a most unusual FHA 203k project don't you agree? Who would have guessed that this home would ever quality for a 203k loan. The list price was over the maximum loan amount for FHA in the area so why did it make sense to use this loan program to purchase the home?

If you think about it, it isn't so hard to understand. The choices were to purchase with all cash then repair it OR if you want a mortgage then it has to show the deficiencies being corrected, thus the 203k was the choice. Most of the work on this home was cosmetic in nature but the electrical issues were extensive.

Yes, it could have been done with a HomeStyle loan by FannieMae too.

Mike Young, 203k Team Leader    Mike ready for your 203k order

With offices coast to coast and HQ now at PMB 168, 5055 Business Center Drive, Suite 108 Fairfield, CA 94534 1.707.812.7668

To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation".

Skype name: the203kconsultant

If you like what you see here please take a look at Another blog by Mike Young 

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Comments (7)

Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!
Hello Debbie, thank you for providing a brief detail on FHA 203k renovation loan. Hope many of your avid readers find this article helpful and informative. All the best and stay the most consistent realtor in your area. 
May 13, 2013 11:11 PM
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale
Thank you for an excellent repost Debbie, who would really thought that this home would qualify for an FHA 203k project. Hope you get the most out of it.
Jun 29, 2013 02:35 PM
Melissa Muse Wiggans
Real Estate Muses - San Antonio, TX
CRS, GRI, ABR - Real Estate Muses
Well written article Debbie about the most unusual FHA 203k project. Hope you get buyers soon. Best of luck with it.
Jun 29, 2013 02:55 PM
Erika Rogers
Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage - Saint George, UT
St George Utah Real Estate & Relocation Specialist
Good choice for a repost Debbie.
Jul 01, 2013 11:52 PM
Waynette Hoover Araj
Keller Williams Realty - Asheboro, NC
Connecting your Dreams with the Right Real Estate
It's really a surprise that this house qualified for a 203k loan. Thanks Debbie for a good source of information about 203k loan.
Jul 02, 2013 12:16 AM
Pat and Ed Okenica
DRAKE REALTY Lake Oconee Ga - Greensboro, GA
Lake Oconee Ga Real Estate
Thumbs up Debbie for an excellent reblog about the 203k Loan.
Jul 05, 2013 02:18 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great information.  Thanks for sharing and have a happy Sunday!

Mar 28, 2021 06:59 AM