Not just for first time home buyers - If you are looking at Mesquite NV foreclosure properties that need renovation, repair or upgrades, but have just enough cash for the low down payment and closing costs to buy a home with an FHA loan - Here is an opportunity for someone who wants to buy a bank owned foreclosure property or any home that is approved for an FHA loan.
When you buy the home and finance it with an FHA 203(K) renovation loan - the costs to rehab the home can be included in the loan amount.
The money to fix up your new home is held in an escrow account to be released in stages after close to do the repairs and approved renovations.
You might need to replace the carpet or roof, or it might be that a new water heater is needed.
The home must be at least one year old and estimates will be needed by certified and licensed contractor.
If you would like a MLS list of Mesquite NV foreclosure properties for sale emailed to you - fill out the short form to Search Mesquite NV MLS and check the foreclosure box. You will receive a list of current foreclosure properties for sale in the Mesquite MLS. You will also get email updates sent to you as new foreclosures are listed in the Mesquite MLS - opt out any time and your information is never shared.
Jason Sardi gives his ideas in his article about the FHA 203(K) Renovation Loan:
Back in my early days of lending, I recall quite vividly the very first Rehab Loan I did. While I did some legwork in actually knowing the ropes of that particular product before advertising the bejesus out of a very niche loan, I still was caught like a reindeer in some oncoming car's speeding headlights when trying to get them closed in a streamlined sort of fashion. And then, I had it mastered. As my particular luck would have it, most of those programs disappeared shortly thereafter.
The echoes in the back of my head rang of a long-lost product I had only heard about and most of what I heard were borderline horror stories. The FHA 203(K) loan reared its mysterious head and stared me in my wide-eyed glance. I gotta admit, there was major hesitation on my part in even wanting to get involved in such a misunderstood product. I knew little about it and wanted to concentrate more on the Conventional sort of stuff that I grew up with in the industry... at least at that point. Hey, of course I want to corner the market, but not at the risk of looking like an incompetent SOB at the end of the day.
Then, I encountered experts in that very product. I figured, let's roll repair.
After doing more homework than my combined High School & College Education would vouch that I did back in the day, I chose to go after a market that just may make a dent in not only enhancing the housing market... but the very neighborhoods we live in.
This is just a taste of the FHA 203(K) Renovation Loan!
- Add a deck or porch, makes for one heck of a Summertime BBQ.
- Upgrade the electrical system and avoid reading overdue utility bills under candlelight.
- Modernize the kitchen and watch the The Food Channel in a comparable stadium.
- Replace a furnace and heck, it's a furnace. You really don't want that entity breaking down anytime soon!
- Paint the exterior and/or interior. Yours could be the only lavender house in the neighborhood:)
- Install new carpeting. There's nothing like getting rid of stained residue from a German Shepard you never owned.
- Remodel a bathroom. Hey, might as well let loose of your naked body in comfortable surroundings!
- Replace roofing and/or siding. There were 58 mile per hour winds in Pennsylvania today, that stuff may come in handy.
- Refinish wood floors. That's a big selling point for yours truly. I adore wood floors and have an aggressive amount of ShamWow merchandise to prove it:)
- Low down payment
- Buy and remodel a home with one mortgage! You can finance the purchase plus the cost of the improvements with one monthly mortgage payment.
- At least $5,000 in repairs needed to qualify for the 203(K) Loan.
- They can be used for owner occupied 1-4 unit family dwellings.
- Closing takes place before the improvements/repairs are made.
- Money for the repairs and renovations is held in an escrow account and paid out after each phase of work is completed, inspected and approved.
- By the way, they are fixed rates!
Consider this the teaser post to the taste buds of home renovation lending. Yup, I'm your proverbial appetizer.
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