Friday, July 27, 2007
FHA 203K: rehab or update a home.
It's 7:30pm on day 5 of your house hunt. You and you're Realtor have looked at 25 houses already. You've been everywhere from Gulfport, to Biloxi, to Ocean Springs and yet you can't find the right house for you. None of them say to you, "I want this to be my home." Well, there was that one on day 2, your remember right, the one behind the Wal-Mart in Ocean Springs that was perfect, that is, except for that kitchen. Man that kitchen sucked didn't it??!! But you loved the rest of that house, oh and your husband liked that work shed in the back yard, not that it really mattered that much to YOU did it, but you pretended like it did. Oh, what about that one in Biloxi, the one that didn't have the garage but you loved the rest of it and man what a great price it was. Now you've looked at home after home since those and not one of them have you liked. You can tell your Realtor is getting frustrated because they've started asking for gas money from you. So what do you do now? Just give up and settle for a house you don't like? Find a new Realtor? You can't have it all so you just have to choose the one that gives you the most of what you are looking for. Well, a lot of times these are the answers but it doesn't have to be. Not any more though!!
SO my new friend... sit back, while Sergeant Real Estate shoots some knowledge up your tail pipe!! Now, what if I said you to my friend, "friend I know a way you can buy that cute little house behind that Ocean Springs Wal-Mart and fix that kitchen too." Oh, and it would cost you next to nothing. Would you want to know how? Did you're Realtor know how? Oh did they just say, "well, we'll just keep looking." Good thing you dropped by site for some education.
There is this nifty little program called 203k which is offered by by FHA. This type of loan allows you buy a home and finance the rehabs all in one. You can do everything from just repainting the house to added a 4th bedroom. There really are only very few catches, it has to be a home you intend to live in and your after repair value can't exceed the loan amount. Other than that, it's fair game!! Oh!! And you can even use this type of loan as a refinance to fix up that house you live in now.
So does this sound interesting to you? To you want to go back and buy that house in Ocean Springs or the one in Biloxi that you loved? Are you not quit sure exactly what you need to do though? Give Sergeant Real Estate a call, or have your Realtor call me, and I'll help you out. I know the experts in this area and they can walk you through the process.
Now get out there and make your house your dream home.
BLOG DONE. CARRY ON!!