Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
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.
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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
ReplyDeleteHi Judy:
ReplyDeleteMy 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.