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Hall Realty Group LLC Hall Realty Group LLC Hall Realty Group LLC Hall Realty Group LLC
  • Home
  • About
  • Listings
  • Buyers
    • Investing in Real Estate
    • As a Woman Buying a House
    • As a Man Buying a House
    • What Makes a Good Agent
    • Loans Available to You
    • Writing a Contract
    • Inspections
    • What a Title Company Does
    • Squeaky Wheel Gets The Oil
    • Final Walk Through
    • Negotiating a Contract
  • Sellers
    • Selling A Home – Quiz
    • Determining Value
    • Preparing For Sale
    • Cost Of Selling
    • What Is Market Analysis?
    • Initial Market Plan
    • 30 Day Marketing Plan
    • Selling by Yourself
    • Marketing Your Home
    • Negotiating as a Seller
  • Lending
    • What Is Income
    • How a Lender Looks At Bills
    • Buy Your Interest Down
    • Rules About Job And Income
    • How Do Points Work
    • FHA Loan: Fixed vs Adjustable
    • Different Types of Loans
    • Credit
    • Alternate Forms of Credit
    • First Time Buyers
    • 203k Loans
  • Resources
  • Radio Show
  • FAQ
    • General
    • Lending And Lenders
    • Credit
    • Real Estate Agent
    • Buying
    • Selling
    • Glossary
    • Links
    • Tools
  • Contact

203k Loans

A great way to buy a home and get the money to fix it up!

What Is A 203 K?

  • This is an FHA loan (FHA rules and limits)
  • It allows buyers to purchase a home and set up an escrow for repairs
  • It is a one-time close
  • A minimum of $5000 in repairs is required
  • Part of the repairs must be structural in nature

How Does It Work?

  • Buyer gets pre-qualified for home loan
  • Buyer selects property of choice with expert REALTOR®
  • General contractor & HUD consultant are selected by buyer
  • Work write up is completed by consultant
  • Home is appraised for “as is” & “after improved” value
  • Pre-closed meeting takes place
  • Buyer purchases home

Why 203 K?

  • Foreclosures or “as is” sales predominate, but repairs necessary
  • Customer finds home “almost good enough”
  • Modify homes for handicapped
  • Add additional space for growing families
  • Retain or increase value of property
  • Make home “perfect” for the people that live there

Things To Watch For

  • Lender requires use of general contractor and HUD consultant, although FHA does not require
  • Lender retains all funds
  • Six-month limit for repairs to be done
  • FHA loan limits apply
  • Code compliance should be done so repairs can be included in write-up, if necessary

Results of using 203K loan

You get the opportunity to buy a house that needs repairs, get your loan for the house and the improvements you want done to it, expert repairs by reputable contractors overseen by the lender and a finished product in less than 6 months, most of the time in a lot shorter period.

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