02/11/2023
After 14 years as a realtor I am involved with an FHA 203(k) loan. I had heard of these but never worked with one. What this type of loan is used for is when a buyer finds a home they like that needs upgrading or repair that goes beyond what their bank account would allow. Using this type of loan allows the buyer to include the cost of repairs in their loan with the work done after escrow closes. It really is a great deal, for buyers as well as for sellers who may not be able to fix up their home as much as they would like. I am including a link below if anyone might be interested in learning more. OR, you can contact ME for more information.
Summary: Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.