The FHA 203(k) loan

The FHA 203(k) loan

Do you have an owner occupant buyer that is interested in buying a fixer-upper, but they have the cash to remodel it? Or maybe you have an owner/occupant buyer that has saved money for remodeling and you've found a house that they love, but the lender won't allow them to buy it because the house isn't considered habitable without toilets.

There are always properties on the market that weren't maintained by cash-strapped former owners, were treated poorly by renters or were deliberately trashed by formers owners before they lost their home to foreclosure. Shouldn't there be a way for someone like these buyers to fix up these neighborhood eyesores and bring them back to life?

A Gift From the Government

There is, and it's brought to you by the federal government. The Federal Housing Administration's rehab loan product, the FHA 203(k) loan, was designed for individuals who want to rehabilitate or repair a damaged home so they can live in it as their primary residence. These loans are endorsed by the government to encourage lenders to offer what would otherwise be considered a risky loan product.

BEWARE of the seasoning issue when dealing with an FHA loan.


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