used to purchase a home in
need of 'a little help’.The 203K Loan is:
- Perfect for REO’s and foreclosures.
- Used to purchase and close on a home in ‘as is’ condition. Usually getting a better sales price.
- No repairs required prior to closing; no appraisal issues. The house must be sound and is used for minor repairs and cosmetic changes that you would like to do to the property and don’t have the ready cash to do it.
- There can be NO mandatory repairs and is the buyers choice to update the home. This program is a much better financial move than using your credit cards to renovate your home projects. So again the house must be structurally sound according to FHA guidelines but can be best described as: ‘butt-ugly, grandma's 1950's house or cosmetically challenged’ on the inside as far as decorating details.
Rules for this 203K Loan:
Minor remodeling such as kitchens – no structural repairs
Interior and Exterior Painting/Siding
Sound like you might be interesting in doing something like this? Have a property in mind? Please give me a call and we can talk about the 'possibilities' and I can put you in contact with a great lender that has your best interests in mind!
Lyn Sims (847)230-7324 at RE/MAX Suburban
I proudly serve and sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Schaumburg, Elk Grove Village, Hoffman Estates, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
All data and information provided on this blog is for informational purposes only. Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.
Buyers Agent - 203K Rehab Loan ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com
© 2010 Lyn Sims
Dear Lyn,
I remember when the K on 203K meant Katastrophe! I suffered and so did my buyers through several. The agent was supposed to be out of it! I held hands for many months!
Last Year an agent brought an offer on one of my listings with a 203K. I spoke with the lender. The process had been streamlined!
It worked perfectly! Only took about 45 days to close. I referred a friend to the same lender!
I have lost my fears about the program, it is not for a wimpy buyer, but the rehab program is a real contender!
Barbara
Barbara, thanks for the positive comment. I know that they have tried to streamline the whole program and your closing proves it.