Blogging Tulsa Real Estate: November 2012

203k, who would have believed it would come to this in Fair Oaks?

The house does not have to be falling down to be eligible for an FHA 203k renovation loan.

It's so easy to do a this kind of loan. 

You find the house.  You decide how you think it should be. 

You get quotes for paint, carpeting, appliances, whatever.... and le voilà, you have a beautiful home for less money.

Finance your home while mortgage rates are low.

Then when the mortgage rates are high sell the same house to a qualified buyer who can assume the mortgage.

It's a win-win for everyone!

203k surprise Fair OaksThis is a most unusual FHA 203k project don't you agree? Who would have guessed that this home would ever quality for a 203k loan. The list price was over the maximum loan amount for FHA in the area so why did it make sense to use this loan program to purchase the home?

If you think about it, it isn't so hard to understand. The choices were to purchase with all cash then repair it OR if you want a mortgage then it has to show the deficiencies being corrected, thus the 203k was the choice. Most of the work on this home was cosmetic in nature but the electrical issues were extensive.

Yes, it could have been done with a HomeStyle loan by FannieMae too.

Mike Young, 203k Team Leader    Mike ready for your 203k order

With offices coast to coast and HQ now at PMB 168, 5055 Business Center Drive, Suite 108 Fairfield, CA 94534 1.707.812.7668

To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation".

Skype name: the203kconsultant

If you like what you see here please take a look at Another blog by Mike Young 

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Debbie Solano, CRS, ABR, CDPE, CHMS, e-PRO, GRI, REOS, SRES
Coldwell Banker Select, Realtors -- Land & Ranch Division
4408 S. Harvard Avenue
Tulsa, OK  74135

Office:  918-712-4473

Cell:  918-724-8201

FAX:  918-712-4310

 

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Comment balloon 6 commentsDebbie Solano • November 12 2012 04:24PM
203k, who would have believed it would come to this in Fair Oaks?
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The house does not have to be falling down to be eligible for an FHA 203k renovation loan. It's so easy to do a this kind of loan. You find the house. You decide how you think it should be. You get quotes for paint, carpeting,… more
Great Location, But the House Needs Work? Consider an FHA 203k Loan.
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Great Location, But the House Needs Work? Consider an FHA 203k Loan. You found a home exactly where you want it to be. The location is great! The lot is remarkable, but the house is too nice for a knock down … more