Is an FHA 203K Loan Right for You?
This is one of those loans that a lot of real estate agents tend to avoid because they can require a good bit more effort to process them.
But here are a few reasons why we may want to pay attention to this otherwise obscure FHA offering this year.
1. As our population ages and more entry level homes hit the market needing repairs and updating, this loan is only going to increase in popularity.
2. Because first time home buyers often need to use the more affordable FHA loan products to purchase a home, older homes, needing repairs and updating are filtered out of the home search. Knowing about the availability of FHA 203K can increase the pool of available listings for entry-level buyers.
3. Senior home sellers are more apt to choose the"as-is" listing option instead of making costly foundation, roof, wiring, or mechanical repairs. By promoting the FHA 203K loan option to qualified buyers, agents can also increase their pool of potential buyers for such homes.
Are you interested in knowing more about if an FHA 203K loan might be right for you? Is so, contact me and I will help you find the answer.