Blogging Tulsa Real Estate: 203k, who would have believed it would come to this in Fair Oaks?

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

Comments

Hello Debbie, thank you for providing a brief detail on FHA 203k renovation loan. Hope many of your avid readers find this article helpful and informative. All the best and stay the most consistent realtor in your area. 
Posted by Nestor & Katerina Gasset, Realtors, Wellington Florida Homes For Sale (International Properties and Investments LLC) over 4 years ago
Thank you for an excellent repost Debbie, who would really thought that this home would qualify for an FHA 203k project. Hope you get the most out of it.
Posted by Petra Norris, Realtor, Lakeland FL Homes for Sale (CDV TransAtlantic, Inc.) about 4 years ago
Well written article Debbie about the most unusual FHA 203k project. Hope you get buyers soon. Best of luck with it.
Posted by Melissa Muse Wiggans, CRS, GRI, ABR - Real Estate Muses (Real Estate Muses) about 4 years ago
Good choice for a repost Debbie.
Posted by Erika Rogers, St George Utah Real Estate & local info. (Red Rock Real Estate) about 4 years ago
It's really a surprise that this house qualified for a 203k loan. Thanks Debbie for a good source of information about 203k loan.
Posted by Waynette Hoover Araj, Connecting your Dreams with the Right Real Estate (Keller Williams Realty) about 4 years ago
Thumbs up Debbie for an excellent reblog about the 203k Loan.
Posted by Pat and Ed Okenica, Lake Oconee Ga Real Estate (RE/MAX Agents Realty Lake Oconee Ga) about 4 years ago

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