FHA 203 K Loan

I don’t know how many of you are familiar with a 203K loan and I don’t intend to go into details here, as I am not an expert in mortgages. But I will explain in general terms what it means and I’ll show you a house that I just listed that would be perfect for this kind of loan. A 203 K loan is a renovation loan. It allows you to borrow not only the money to purchase the house, but to also borrow the money to complete needed repairs to the house. For example, I have just listed a house at 1341 Fraser Drive in Fayetteville, NC. Comparable homes in the neighborhood sell for over $100,000, but this house is listed at $75,000. The reason that it is listed at this price is because it has had water damage in the hallway and one bedroom. A renovation company has given us an estimate of $12000 to completely repair and mitigate all of the damage. So I should be able to get a loan for $87,000 and have a wonderful home in a great neighborhood for a fantastic price. I do not have to pull any money out of pocket for the repairs. I do have to be able to meet the downpayment requirements of the loan. So, talk with your mortgage lender. Find out what your options are. There are a lot of good opportunities out there if you understand what to look for and how to purchase them. Call me and I’ll be glad to help you.

FHA 203 K Loan

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