Foreclosure or Short Sale Financing with FHA 203k in Texas
Want to get a great deal on real estate in Texas and think that a short sale or foreclosure is the way to go? The first hurdle to overcome after identifying the property is where to get the funds to fix it up. The FHA 203k rehab loan is the answer.
Often times a foreclosure or short sale may need cosmetic updating or structural repair either due to sitting empty on the market for a number of months or in the short sale arena there may have been someone living in the home but they have neglected to keep up the home. These homes are perfect candidates for the FHA 203k rehab loan.
Recent studies show that we have many more foreclosures and short sales on the horizon for the remainder of 2010 and into 2011. The home may qualify for traditional loans in some cases and just need some cosmetic upgrading but buyers are not wanting to deplete what they have in savings to fix up the home. The 203k rehab loan allows the buyer to get into the home with the low down payment and roll the costs of the upgrades into the loan and have one great low FHA rate.
Or in other cases the house may not qualify for traditional financing at all due to structural issues like foundation or roof repairs. In this case a FHA 203k full rehab loan would be used and work the same way. Get a great low FHA rate and have the cost of the repairs rolled into the loan. With the full 203k loan due to there being structural issues involved a 203k consultant will be on board the project with you and acts as a safety net for the project. It really is great advantage for this type of project.
Be able to buy a foreclosure or short sale and keep your money in the bank! And be able to fix up the property to meet your specific style.
Call me today to find out more.