Meet FHA 203k Loans
Buyers and Sellers, I would like to introduce FHA 203k......203k, I would like to introduce Buyers and Sellers.....
I have recently run into some people that have no idea this beneficial program existed. This loan program has been around forever and it is unfortunate that it is not more widely known/used/remembered. Have you ever walked into a house and the location is perfect, layout perfect, room sizes perfect, etc but the kitchen, baths, and carpeting are, well let's just say....less than desirable?
I mean, you are totally loving this house but you just can't get past the Carol Brady kitchen and pink carpet throughout. You know it is taking a chunk of your savings just to get into the house, and your thinking "how the heck am I going to put in a new kitchen and baths with let's say cherry cabinets, granite countertops, and tile floors on top of paying closing costs??".
FHA 203k to the rescue! This little known (but beneficial!) program will allow the purchase of the house plus repairs equaling a minimum of $5000. I'm talking roofing, gutters & downspouts, septic, windows, doors, insulation, furnaces, air conditioning units, plumbing, electrical, appliances, flooring, painting, energy efficient improvements, plus fun stuff like kitchen and baths. Go ahead, dream a little, it's fun. We all know what a great investment a home is but let's remember, it is someplace we LIVE as well, so enjoy dreaming about making the home that may be so/so into your dream home.
Home buyers and sellers have a wonderful opportunity here. There is no need to pass up buying or selling a home because it needs improving. One of the great benefits of the FHA 203k rehab program is that it is only one loan for purchase AND improvements; unlike traditional rehab loans.The FHA 203k at a long-term fixed, or adjustable rate, to finance both the property and the repairs. It allows homebuyers to buy fixer-uppers and not have the burden of coming up with the repair costs pronto.
And it you are not yet fully convinced....3% down?? Great buyers market, terrific rates, and lots of inventory.....buy now and you'll thank me (and hopefully invite me to dinner).
Call me to chat about it anytime.
Your friend in the business,
Sharyn