To all my blog readers and subscribers, I always try to bring to you things of value and substance whether or not it came from me or another colleague in the real estate industry.
This is yet another one of those instances, Rebekah Radice, a mortgage loan originator with Benchmark Mortgage and a colleague of mine out of Colorado Springs, CO has some great and practical advise that I think anyone who owns a home and is considering selling your home or a prospective home buyer would benefit from.
This information is especially worth sharing with all Dallas/Fort Worth, TX and Keller , TX prospective homebuyers.
All consumers who want to purchase a home that made need a little bit of work done to it before it becomes your ideal home should consider the FHA 203k financing program. I can walk you through the tedious process of purchasing your home successfully. We work with local lenders who will explain all the ins and outs of FHA 203k financing program to Northeast Tarrant County HomeBuyers.
To your success,
John Hrisco of John Hrisco and Associates
PLEASE NOTE this is a National Program, not just a Colorado program.
p.s. if you feel like making a comment here for the reblog, thank you, but please visit Rebekah's original blog post via the link below and tell her what a great job she did on the information provided.
I don’t need to tell you that there are a record number of short sales and foreclosures on the market today or that home buyers are struggling to qualify for those properties.
Whether it’s due to repairs, a lack of cash or the down payment required on typical renovation programs, many home buyers find these distressed properties out of reach.
What most home buyers are not familiar with is an underused FHA program called the 203k. Now before you run screaming out of the room, let me give you a few words of encouragement.
The FHA 203k has gotten easier…lots easier!
For those agents that decide to dive in and take advantage of this program, the opportunities are limitless! Let me explain.
What is an FHA 203k?
The FHA 203k is a fixer-upper program that offers home buyers the ability to add the cost of repairs into the price of their home. Imagine if you could give your clients the option of not having to settle for less or buying a home that they’re less than thrilled about. What if you could help them purchase what will become their dream home without breaking the bank?
Benefits of the FHA 203k
- One closing, one loan and repairs can begin
- Appraisal is based on the value of the home after the repairs are complete
- Down payment is 3.5% and can be a gift from a family member
- Flexible credit options with a 620-640 FICO required dependent on the
- The seller can contribute up to 6% of the closing costs
Eligible Repairs Includes:
- Roofing, Gutters, Downspouts
- Interior / Exterior Paint
- Update Appliances
- Flooring – Tiling/ Carpeting
- Repair, Replace, or add Decks, Patios, and Porches
- Modernize Plumbing, Heating, AC, and Electrical Systems
- Weatherization- Storm Windows, Doors, Insulation and Stripping
- Accessibility Improvements
- Basement Finishing, Remodeling and Waterproofing
Believe me; the 203k program can be your ticket to closing more deals! While your competition is still moaning about how hard an FHA 203k is, you can learn the program, get a system in place and be ready to roll when your next client asks – “Can I borrow money for repairs?” You will be prepared to say “this home has a lot of potential and I know just the program for you!”
Educate, empower and seize this opportunity!
If you have more questions, read through HUD's FHA 203k Q & A
For all of the details, visit HUD's website
Rehab Reboot | The FHA 203k Just Got Easier was written by Rebekah Radice.
Rebekah's Mortgage Grapevine (unashamed plug) provides insight, education and musings on anything from mortgage lending and real estate, to social media, marketing and all things relevant to your everday success! If you want to learn lots of cool things, have your thoughts provoked, AND be entertained, be sure to hit the SUBSCRIBE button to the right!
Rebekah Radice | Mortgage Loan Originator
Want to know more about me? Just Google Me!
T: 719.387.1368 | Email: email@example.com | Website: http://rebekahradice.com |CO & NMLS Licensee: LMB100010938 & 288596 | Benchmark Mortgage dba Ark-La-Tek Financial Services, LLC | 12 E. Kiowa |Colorado Springs, CO 80903
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John Hrisco & Associates: When experience counts, the sign you want, the agent you need. Licensed Texas Real Estate Broker #0480703, with over 13+ years experience buying & selling real estate in the D/FW Metroplex. Integrity, Professionalism, Results & Charity is our Mantra. It is how we go about our lives and our business. We undertake a specialized set of tasks and orchestrate them with uncommon skills. Whether you are buying, selling, or investing in real estate, if you are not doing business with John Hrisco & Associates, you are losing money.
servicing the Dallas/Fort Worth Metroplex: including Northeast Tarrant County, Ft. Worth, Keller, Southlake, Colleyville, Grapevine, Haslet, Trophy Club, Roanoke, Westlake, NRH & Surrounding areas
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4200 Heritage Trace Pkwy., Ste. 100
Ft. Worth/Keller, TX 76248