Realtor’s.., 203k Rehab/Construction loans can make the difference in selling your next listing!

Realtor’s.., 203k Rehab/Construction loans can make the difference in selling your next listing!

“How do I sell an outdated or under maintained home in the Bay Area or Central Valley?”  This is a question I hear more and more often from business partners who have been what I call,  “Loan Officer Orphaned”.  It’s not your fault…The mortgage industry was awash for many years with Mortgage Broker’s who needed to leave, and who finally did leave, the industry. What you’re left with is business partners like me; seasoned and reputable; to help you find solutions to your needs. Sound familiar?

Much of the REO inventory circulating through the Bay Area and Central Valley market can use quite a bit of work. Foreclosed homes in today’s markets might have been sitting vacant for 2 years or more. AC units may be missing not to mention the unintended impact of an unattended property.

If this situation sounds familiar, or you’re just looking for a way to connect with new home buyers,  the FHA 203k loan is the solution.

FHA 203k Loans can be used to:

Upgrade or Replace Ventilation or Air Conditioning Systems

Upgrade or Replace Outdated Electrical Systems

Plumbing Systems

Gutters

Roofs

New Flooring

Led Paint abatement

Bathrooms

Kitchens

New appliances

Windows…

Which FHA 203k is right for you?

Many lenders offer the FHA 203k. You must keep in mind there are actually two different types of 203k’s. That’s right; there is a Full 203k which can encompass major construction like repairs as well as a construction loan type timeframe;  and there is a Streamline 203k with offers items listed above for up to $35,000.00 in repairs.

What this means for you…The Agent

The FHA 203k product is not something that is advertised in the news and frankly was unnoticed for many years. There were banks that were giving out equity lines like Amazon moves books. That’s just not the case when it comes to money now. This product is a great way to connect with First time home buyers or maybe someone looking to move up to a better neighborhood but doesn’t have the qualifications to buy the best house on the block.

I love to work with my readers

With over a decade in the mortgage business, I find the best success is collaboration. If you have questions on this product or how to expand your marketing, give me a call. It would be my pleasure to speak with you.

 

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