Best Kept Secret: The Incredible FHA 203K Loan!

HOMEBUYERS   |    INVESTORS   |    AGENTS Find an Older Home and Use a 203(k) Loan to Fix It Up! If you're having trouble finding and buying your move-in ready dream home, you're not alone. Today RealtyTrac released its aging homes report, showing that more than 70% of U.S. homes were built before 1990. To make matters worse, institutional investors are snatching up the newest homes, seeking to avoid the costly rehab that many older homes require. But home buyers are not out of luck: You can still create your dream home by buying and fixing up an older home with the help of a government-backed 203(k) loan, which lets you borrow up to 110% of the post-upgrade value. Older homes have less institutional investor competition (see the chart below) and the average price of a home built before 1990 is $23,000 lower. Whether you're purchasing a fixer-upper foreclosure home or just want to update the kitchen in your otherwise-dream home, there is a government-backed loan program that allows you to finance your rehab costs with as little as 3.5 percent down on a loan amount that is up to 110 percent of the after-repair value of the home. Leave it to the government to give this loan program a bland name: 203(k). But there is nothing bland about the results homeowners and homebuyers are getting. This is a government program that really works, and it's one of the best-kept secrets in the real estate market. We've partnered with 203(k) loan experts at RebuildUSA who can connect you with an expert to answer questions and get you started on the 203(k) journey. Advertisement   Manage your email preferences here   |   Unsubscribe from promotional emails here The information in this e-mail is provided solely for informational purposes and does not constitute an offer by RealtyTrac Inc. to sell, rent or lease real estate. RealtyTrac Inc. disclaims any warranties or representations concerning the information contained in this email. RealtyTrac Inc. does not guarantee the accuracy of the information contained in this e-mail and instructs you to independently verify the accuracy of the information provided. All intellectual property rights are retained by their owners. This e-mail contains advertisement(s). Please do not reply to this e-mail. Replies to this e-mail will not be responded to or read. To contact us, Click here. Got this as a forward? Subscribe Here Copyright (c) 1996 - 2013 RealtyTrac Inc. 1 Venture Plaza 300, Irvine, CA 92618 All rights reserved. Terms and Conditions Privacy Policy