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Another 203K success story

Posted on March 24, 2011 by Ray Williams (NMLS #216267).

So we have been busy with new clients taking advantage of the FHA 203K loan. Our most recent client closed on their house today. They bought a home in North Denver that was a short sale. So, YES, you can buy a short sale home and use an FHA 203K mortgage to finance the costs of improvements. Yes, you will need some patience for bank acceptance of this type of offer.

These clients will be doing quite a bit of HVAC work with replacing a boiler. They will also be remodeling the kitchen as well. After it is said and done they did just the streamline 203K (not full for this job) and scope of work came in at about $32K for the improvements.

Work will start tomorrow and we are excited to see the progress. The most exciting aspect is the WOW factor. They bought it for $218K and with the improvements they are doing, it appraised for $390K after the improvements are subject to completion. That is a WOW factor if I saw one.

Don’t hesitate to get in the mix with a 203K for your home even if you already own. Even if you bought recently, are buying now, or thinking of buying. You can buy a bank owned (asset managers will approve the contract to an FHA 203K buyer) or short sale as well.

Stay tuned to see the progress of this awesome find!

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