May 1st, 2013 2:39 PM by Bob Rutledge
As a real estate professional who is working with home buyers, especially first time home buyers, there is a high likelihood that you are working with distressed properties, foreclosures, REO, and Short Sales.
If you have ever had the experience of working with bank owned properties, foreclosures, REO, etc., you know that many are 'as is' properties and that means, cash, harder to qualify for Conventional mortgages, or renovation mortgages.
The KING of all the Renovation Mortgage Programs is the FHA 203k! This loan program has a low down payment requirement, easy qualification guidelines, and can turn a house with issues into a sale for you.
Writing A Purchase Offer with FHA 203k Financing
What to Expect After Acceptance
All in all the FHA 203k mortgage program are not that much more difficult from a Real Estate Professional's side, but they are a bit more to deal with. They take a little longer and have the potential for delays BUT they serve our clients very well and are very much needed to help provide a great asset to our home buyers.
The best way to keep a FHA 203k loan on track to close on time, not be a major headache, and stress provider, is to have a highly experienced Loan Officer working with you and the home buyers.