A 203k Loan Is Still Relavent In The 2014 Real Estate Market

 

Foreclosure sales are at a 5 year low right now, home prices are creeping and the home equity loan market is waking up from a long slumber, but does that mean that the 203k loan/renovation home loan is no longer needed?

Absolutely not!  There are always going to be homes out there that have issues or need some updating that will make a California first time homebuyers dream come true.  The 203k loan solves homes with as-is issues such as missing toilets, cabinets, broken windows, unpermitted work and much much more.

Obtaining a loan to buy the home plus receive funds to remodel it – all in one loan creates a wonderful opportunity for a homebuyer.  The home doesn’t have to be in foreclosure or a lender owned property either.  There are many homes being sold out there that aren’t in distress however the seller may not have the funds to put in new carpet, paint or just update in general.  The 203k loan is perfect for that property as well.

Many people also don’t know that a current homebuyer can use the 203k for refinance purposes.  Usually on a standard home equity loan, you have to have at least 20% equity before the lender will lend dollar one, but on the 203k loan you can obtain up to 15% more in remodeling funds than a standard HELOC or second mortgage.

If you have any questions on how the 203k loan can achieve your dream of homeownership or remodel your existing home, please feel free to give me a call or email me.

Best,

Kevin Walton

Cell: 805-276-1942

www.203khomeloanrehab.com

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