Wednesday, January 13, 2010

FHA 203K Curious? -- Redfin comes in handy!

FHA offers a program for buyers of fixers where the cost of the improvements can be wrapped into the loan.  It's called the FHA 203k program.  As you might imagine, these loans are not eazy to get but they are a great way for buyers without a lot of cash to afford to purchase fixers.  To date, I don't know anyone who has applied for one of these nor any Realtors who have closed a transaction with one of these.  At any rate, Redfin.com has lots of details about these loan transactions in their L.A. forum thread.  As soon as I get permission, I'll post the details.

3 comments:

  1. Phyllis Harb1:54 PM

    I have done many of these and know a great lender - which is the key. His name is Babak @ Chaqrter Pacific @ 800 322-1217 x103

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  2. Tom Andros2:14 PM

    Hi Judy - FYI - As a HUD 203k Consultant, since 1995, in So. California, I've complete over 1500 cases and am currently working with 20+ buyers/clients, whose projects are now under construction. This is a "niche" market that most realtors are not aware of. Please feel free to contact me for more info, to dicuss scenarios or for referrals to knowledgeable lenders and visit my site at www.203kRehab.com, for more info about the program. 909-913-3304

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  3. Anonymous6:19 PM

    Hi Judy:

    My name is Babak Moghaddam. I have been originating 203k loans since 1995. This loan provides an incredible opportunity for a first time buyer or a move up buyer to purchase an REO or any other property that is in need of repair and include all the costs of the repair in the loan. The minimum investment from the buyer is only 3.50% down. The reason this loan is not that common is because many loan officer don't know how to process them. It is really not that complicated if you know what you are doing. The FHA 203K loan takes about 45-60 days to close but it is well worth the wait. If anyone is interested in finding out more about this program they can reach me at (800) 322-1217 X103 or babak@chartpac.com.

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