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?
A 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?
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.
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.
Nice post. Thank you for opportunity to reblog it - to share it with more viewers. Great information.
I like these question and answer posts! They are very helpful to the public! Great job!
Thank you Rosemary. We need to keep the public informed!
Hi Joni~ It's an easy format to write and to read!
Donna, great job giving the link along with some basic information about the 203K loans.
I am working on one right now actually...had a hard time finding a lender who actually understood the process though!!! Great explanation !!
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.
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!
Hi Brenda~ 203K loans are a great way to finance a home that needs some TLC!
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.
Hello Mike~ Thank you for stopping by! I didn't know about rebuilding fire damaged homes. That's great information to share!
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.
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