203k Rehab Loan Program to fix up that property!!!

203k Rehab Loan Program
Working to get you the best deals

203k Construction / Rehab Loans

Hud Homes, Condos and 1-4 Unit properties are allowed

Must be Owner Occupied

Can be used for Construction or major rehabilitation, up to $5,000 in repair

Loan cannot exceed maximum loan limit for property type and area

HUD-FHA insures rehabilitation loans for owner-occupants to:

(1) finance rehabilitation of an existing property;

(2) finance rehabilitation and refinancing of the outstanding indebtedness of a property; and

(3) finance purchase and rehabilitation of a property.

Unfortunately, Co-ops are not eligible. 203(k) can be used to bring illegal dwellings into code compliance. Mixed use residential/commercial properties are eligible. A burnt out shell, incomplete shell or empty foundation is eligible for 203(k) financing provided it is over 1 year old.

Required When Working With A 203k Rehab Loan:

$2000 Earnest money deposit; cashiers check or money order (please don't submit to HUD with offer)

$1000 Earnest money deposit, if $500 down-payment certificate is used.

3% is the maximum closing costs HUD will pay.

3.5% is the maximum closing costs HUD will pay for properties eligible for 203k loans.

O/O means owner-occupants only.

203K loans - in order to attract brokers and buyers to do 203K loans, HUD will offer the following incentives that will be applicable to any offers received after March 31, 1995 on "ALL CASH" properties:

60-day escrow with the possibility of a free 15 day extension if loan does not close in 60 days at no fault of the buyer.

HUD will pay for the 203K consultant fees when HUD has ordered the 203K consultant estimates. (The 203K consultant does complete cost estimates to bring a property up to minimum standards for a 203K loan).

The 203K consultant estimates will be posted on the Internet as they become available. This will be the total cost of repairs. A complete breakdown of cost estimates will be available and can be picked up in person from the receptionist at the HUD office. The complete breakdown will only be available after the date the total cost estimate figure is posted on the Internet.

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All offers are subject to change and are based on availability.
Only one offer can be valid per pre-approved borrower.

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All programs, rates and terms are for broker use only and are subject to change without notice.