Tag Archives: buying a home in as-is condition

How To Qualify For A 203k Loan

Pic Credit to Digitalart   How to qualify for a 203k loan. A 203k loan isn’t any more difficult to qualify for a regular FHA loan or conventional loan.  You have to give the same income, asset and liability documentation and as long as you have at least a 3.5% down payment you can be […]

203K Loan HUD Consultants and General Contractor Conflicts

Quick tip on 203k loans in regards to HUD Consultant and general contractor conflicts:  As a potential home buyer, make sure that the HUD Consultant and the General Contractor who is doing the repairs and upgrades to the property, are not the same person.  The HUD Consultant is supposed to be an independant third party […]

Can The 203k Loan Be Used For Conventional Financing?

Pic credit to jscreationz Can the 203k Loan Be used For Conventional Financing?The quick answer is no.  The 203k loan is an FHA loan product and can not be used for conventional loan financing. There are other financing options for conventional financing such as the FNMA Homepath Renovation loan.  The 203k loan is basically a modified […]

Realtors And The 203k Loan. Why Do They Dislike It?

The 203k loan is like taboo to some Realtors, they dislike it.  To the 20 year experienced Realtor the 203k loan may be looked at as a loan that is problematic and associated with fraud. Realtors who have been in business for 10 years or more may have never seen the need for the 203k […]

Buying A Home In As-Is Condition

Buying a home in as-is condition to many home buyers is scary thing.  Many people want homes in move in ready condition and make things simple.  But what if you get a good value on an as-is property?  Maybe there’s a broken window, or missing toilets or holes in the wall?  A lender will not normally […]

Realtors Battling Sellers Over Fixits-Why?

I viewed a hilarious Realtor blog video today that I had to share. The Realtor was fired by the seller because their home didn’t sell. The Realtor went on to say that he supplied the seller with a list of fixits. The seller didn’t do any of them and their home didn’t sell in its […]

The 203k loan can reconvert illegal garages.

There was a property a few doors down from me that sat on the market for over 6 months.  The property was a foreclosure that had an illegal garage and bedroom conversion (done without permits).  The carport in the backyard looked like it had been through a tornado, so it was of no value. I […]