203k Loans Are To Be Relevant For The Next Decade. Why?

 

 

Here’s an interesting thought on the 203k loan. I was reading 203k contractors.com owner, Paul Weldon’s LinkedIn article and he brought up a good point about the Silent Generation or otherwise known as the Greatest Generation who were born in the years 1924-1942.  There are still many existing homeowners within this generation.

But let’s face facts.  When these homes get listed, are the homeowners, or some cases heirs, going to want to pay to update the property before they sell it?  In many cases no, they will sell as is.  The property isn’t a foreclosure nor a short sale, so does that mean the sellers will have to take a low ball offer from an investor?

Again the answer is no.  The 203k loan can give a California first time homebuyer funds to update the property to their taste, such as carpet, paint, new appliances, countertops, or a new roof among other things.  The 203k loan isn’t just for California first time homebuyers, it’s also for move up buyers, or move down buyers.

If a couple from the Greatest Generation want to down size and have to install handicap amenities if need be, the 203k can do that for them as well.  There are many things you can do with the 203k loan, most of the general public doesn’t know what it can do.

Just know that whether the property for sale is a foreclosure, short sale, or a property in good standing that needs just a facelift, either minor or major, the 203k is out there and can give a California home loan to a homebuyer to both buy the home and give them funds to update/remodel the home all in one loan.  All the work is done after escrow closes, so if there’s an existing  blemish, like a broken window, plumbing problems, water stains, holes in the wall, flowered wallpaper, wall paneling, I think you get the picture, the 203k can handle it enable you to put your own personal touch on the property and fix property health and safety issues at the same time.

If you have any questions on how the 203k loan works, feel free to visit my website, send me an email or give me call, I’d be happy to help.

 

Best,

Kevin Walton

www.203khomeloanrehab.com

Ph: 800-506-0632

 

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