FHA 203K LOAN – IT MAY BE JUST WHAT YOU NEED!

FHA 203K LOAN

You don’t hear much about the FHA 203K loan so I thought I would shed a little light on it for us. There are lots of run down homes for sale out there. As a realtor, I still see lots of REO’s or Bank Owned Properties out there. The problem for most buyers though, is having the cash on hand after the purchase to make all the repairs and renovations needed. You can also use the FHA 203K loan if you are buying a home that may be in good shape except it doesn’t have the pool you wanted. This is why they have created the FHA 203K loan. This type of loan allows you to purchase the home and include the cost of the repairs/renovations. There are a few requirements and hoops you have to jump through and the loan process takes a bit longer than normal, but well worth your efforts. The biggest requirement is that it has to be your primary residence. Then of course, you have to have contractors provide your lender with copies of their estimates. Bank of America has a great webpage and video devoted to this type of loan which explains it in more detail. To learn more click on the link below.

 http://mortgage.bankofamerica.com/203k/?cm_mmc=cre-generalservicing-_-vanity-_-mg01vn000m_203k-_-090911