Having received a number of calls from Buyers and Realtors that have been told the FHA 203k Rehab/Repair Loan is not longer available, Let me assure everyone that in fact it is available. Check out www.Ohio203K.com for complete information. For Buyers and Realtors that did not know it is an excellent loan when dealing with HUD Properties, Bank Owned or Distressed Properties. It can also be used to satisfy most community Point of Sale Inspections.
Instead of having an Investor purchasing a home and rehabbing it and then reselling the property at a profit to them, the FHA 203K allows an owner occupant the opportunity to purchase the home and also obtain the funds needed to rehab the property and pocket the profits that might otherwise go to an investor.
As is true with any home purchase the First Step is to be preapproved. When speaking with a lender the borrower needs to discuss their desired monthly payment as well as the monthly payment limit calculated by the loan officer. After determining a payment range, a Realtor familiar with FHA 203k loans can start showing you properties in the areas or communities that you wish to purchase a home.
Borrowers using the FHA 203K Loans are eligible for the $8.000 Federal Stimulus that is due to expire 11/30/2009 (It might be extended, but it might not so if you want to buy a home, do it now. There is also an additional State of Ohio - Mortgage Credit Certificate Program that is available to First Time Buyers that could give you additional tax credits. Visit this site to see the additional credits.
Anyone want to be preapproval for a 203K Loan or referral to a Realtor familiar with properties that could be purchased under this program can contact me or request a Preapproval here.
Note: Any Realtors that desire more information about 203K loans should call me at 216-324-8113
203K Loans are a very good loan for buyers to find a home that meets their basic needs and turn it into a home that meets their every desire. I have done quite a few of these and they are fantastic and the buyers amazed at what they can accomplish.
Yes, they're still available in New Jersey, too. And they can be used to rehab HUD owned homes that buyers can purchase.
June & Terry, Thank you both for your comments. I am supprised everytime I recieve a call from someone that tells me that they were told by another lender that the 203K loan was no longer available.
Thanks for sharing....I've done a few of these loans and they are appealing for some buyer's....mine enjoyed the process.
Michelle, Thanks for stopping by and commenting. Also, welcome to ActiveRain. Povided everyone knows what needs to be done and does it in a timely fashion, a 203K can go very smoothly.