Every good boy scout knows to always be prepared. It’s one
of the skills i learned early in life that i have always remembered in every
situation i go into. What this means for me as a loan officer is that i always
need to know my full range of financing options for every customer. I need to
know whether to use a VA veteran’s loan or a rural development loan, and which
will be of a better value to the customer.
The good thing about being prepared is having the FHA 203k rehabilitation loan
in my back pocket. Sometimes it is also known as the 203k renovation loan
because in essence what it is, is a loan that lets you roll the costs of
fixing, renovating, and upgrading your new house
into the cost of the loan. Some people will say that it is the same as
financing all of these endeavors with cash throughout the years but i beg to
differ. The 203k affords the new home buyer something priceless, time. The 203k
loan allows people to literally buy a house, fix it, and be done with the
upfront work sometimes all before you move in.
There is a second part to being prepared, you have to choose a lender to go to
for the 203k who has experience and who can recommend quality
contractors that will get the job done fast and well. Home purchases can be
stressful enough, only work with licensed contractors who you can trust to get
the job done on your schedule. If you are in the West Michigan mortgage market
Treadstone Funding has the contacts you need to get your 203k repairs done fast
The Swiss army knife 203k loan analogy not only applies to loan officers and
home buyers but also to real estate agents. It is important that you know about
and pass along the information on 203k mortgages to your clients. They may even
go for a higher priced house that has some minor problems if they have a 203k
loan available to fix it before the move in date.
I have additional information and an eBook you can download but for the most
direct answers to your 203k rehabilitation
loan questions call me at 616.774.9160 x 223.