Connecting Colorado Neighbors-The Foerster Team: Answering HUD Questions: What is the Meaning of 203K Eligible?

Answering HUD Questions: What is the Meaning of 203K Eligible?

Answering HUD Questions: What is the Meaning of 203K Eligible?

HUD HomesA consumer is searching the HUD Homestore website for available homes.  He/she finds one that sounds interesting.  It has the right number of bedrooms and bathrooms and a good price.  He/she clicks on the Property Case number for more details.  The Listing Information indicates the home is 203K Eligible.  What does that mean?

The HUD website gives the following definition:

203(k): this FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.

What does that mean for the consumer?  The buyer can finance the repairs and the cost of the home in one loan.

If you would like to know more about the 203K loan, or if you are interested in learning more about HUD Homes in general, please contact The Foerster Team at (720) 530-5553. 

 

(HUD is the U.S. Department of Housing and Urban Development.)

If you would like to schedule a showing of a HUD Home in the Metro Denver area, please contact The Foerster Team at (720) 530-5553.

Watch this blog site for available HUD Homes in Douglas County and the surrounding areas and additional information regarding HUD Home programs and purchasing HUD Homes.

What is a HUD home?

How do I search for HUD homes?

What are the benefits of registering on the HUDhomestore website?

How much information will I find on the HUDhomestore website?

HUD Special Programs

Who Can Purchase a HUD Home?

What is Repair Escrow?

(Clipart courtesy of Microsoft Office.)

  

rich and donna

 

Donna Foerster

The Foerster Team

Cherry Creek Properties, LLC

REAL Market Knowledge. REAL Service. REAL Estate.

Serving Metro Denver

www.TheFoersterTeam.com

720-530-5554 (cell)

 

Equal Housing Logo

 Realtor Logo

Comment balloon 11 commentsDonna Foerster • June 12 2011 07:11PM

Comments

Nice post.  Thank you for opportunity to reblog it - to share it with more viewers.  Great information.

Posted by Rosemary Brooks, The Mother & Daughter Realty Team (BMC Real Estate - 209-910-3706) almost 8 years ago
I like these question and answer posts! They are very helpful to the public! Great job!
Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (101 Main St. Realty) almost 8 years ago

Thank you Rosemary.  We need to keep the public informed!

Hi Joni~ It's an easy format to write and to read!

Posted by Donna Foerster, Metro Denver Real Estate Agent (HomeSmart Realty Group) almost 8 years ago

Donna, great job giving the link along with some basic information about the 203K loans. 

Posted by Juli Vosmik, Scottsdale/Cave Creek, AZ real estate 480-710-0739 (Dominion Fine Properties) almost 8 years ago

I am working on one right now actually...had a hard time finding a lender who actually understood the process though!!!   Great explanation !!

Posted by Deborah Byron Leffler BzyBee Real Estate Lady! (Keller Williams Realty Boise) almost 8 years ago

Thank you Juli~ Since I'm not a lender, I can only share basic information.  It's a great option for buyers!

That's great Deborah.  I've found the same challenge here also.  Not every lender is able to do a 203K loan.

Posted by Donna Foerster, Metro Denver Real Estate Agent (HomeSmart Realty Group) almost 8 years ago

Thanks, Donna!  I've been seeing this term everywhere and wondering what it meant, but not finding myself wondering enough to actually research it..... so I am especially happy that you did!

Posted by Brenda Whitman, Live in Laramie Real Estate, Broker/Co-Owner, Laramie, Wyoming (Live in Laramie Real Estate, Laramie, Wyoming) almost 8 years ago

Hi Brenda~ 203K loans are a great way to finance a home that needs some TLC!

Posted by Donna Foerster, Metro Denver Real Estate Agent (HomeSmart Realty Group) almost 8 years ago

Good info here Donna, Denver should be ripe for the program. Don't forget it can be used to rebuild fire damaged homes as well. 

Posted by Mike Young, FHA 203k Consultant 916-758-1809 (203kOnLine.com, covering the USA) almost 6 years ago

Hello Mike~ Thank you for stopping by! I didn't know about rebuilding fire damaged homes. That's great information to share!

Posted by Donna Foerster, Metro Denver Real Estate Agent (HomeSmart Realty Group) almost 6 years ago

The 203k loan is an under-utilized tool. Many buyers could create equity by using the FHA/203k loan to buy and renovate homes that need some work.

Posted by Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) over 1 year ago

Participate