Wednesday, December 2, 2009
Don't sleep on the 203k (Renovation Loan).. Its time is now!
Want to get that amazing deal on a short sale, foreclosure, or whole-sale property, but not have to live with the "icky" feeling that most of them have when you're walking through them?
Well, you're best bet might be a 203k loan, commonly called the renovation loan, where you can get both the funds to purchase the house and the money to fix it up. To do this, you'll need potential walk-in equity, but that's certainly able to be found in this market and often is most easily ascertained from list price versus tax assessment.
Not every loan officer knows how to do this type of loan, but for those that do, this may help you to make your dreams come true. You'll need to hire contractors to do the work as it'll need to pass FHA inspections after the completion of the work and they can't build new outdoor pools, spas, or outdoor kitchens, but anything else can be rebuilt or completely renovated. The only main down-side is that this is strictly for owner-occupants (sorry investors), but you do NOT have to be a first time home buyer. You can actually do these up to about $535,000!!
Contact me for details if you're interested in learning more or going through this process!