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Buying Foreclosures
Many times clients have contacted me about buying a bank foreclosure or a banked owned property that needs extensive repairs. One of the programs that I talk to them about is the FHA 203k loan. The FHA 203k loan program is HUD's primary program for the rehabilitation and repair of single family properties. It is basically a home improvement loan. HUD promotes this program as an important tool for community and neighborhood revitalization. HUD also believes that the FHA 203k loan program is an excellent means for lenders to demonstrate their commitment to lending in lower income communities and to help meet their responsibilities under the Community Reinvestment Act (CRA). FHA 203K Loan - How the Program Can Be Used: This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways: · To purchase a dwelling and the land on which the dwelling is located and rehabilitate it. · To purchase a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it. · To refinance existing indebtedness and rehabilitate a dwelling; The property must need over $5,000 in repairs to qualify. There is a low down payment of 3% of the property. Gift funds can be used for 100% of the funds needed to close. Most costs can be financed into the mortgage, like finance fees and up to 6 months mortgage payments. You must hire a 203k specialist from a HUD approved list they will evaluate the property and approve the renovation funds. There are up to 5 renovation draws, paid on percentage of the work completed. All the money that you do not use can be applied to the mortgage to reduce the principal. This is an owner-occupied rehab loan. For help buying a bank-owned property or foreclosure, contact Endea at 240-381-6653.
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