Tuesday, January 15, 2013

Don't Forget About the FHA 203K Loans

I haven't represented a home buyer in an FHA 203k Loan in quite some time but it landed in front of my face this morning so I wanted to remind home buyers that it is still out there! A way to buy a fixer upper and have the costs of fixing it up worked right into your loan.

It's been a challenge in the multiple offer situation but every once in a while there is a lone property that sits collecting dust due to the number of repairs needed to make the property livable.

The FHA 203K loan may be able to help here. The streamlined is the quickest, which allows up to 35k in repairs without having to jump through major hoops to get it.

Simple calculations for you:

Purchase Price $200,000.
Cost of Repairs $35,000.
Must get appraisal value of $235,000. ~ "valued as repaired".
Buyer has to be able to qualify for the 235 purchase price & two appraisals will be done.

For more information you can go on the HUD website here:

Some homes for sale in Santa Clarita Valley may qualify for this program. 
Don't forget about it. Ask me any questions and what I don't know, I'll find out for you!

FHA203K Loan ~ Is it right for you?

No comments: