In the end it was another loan that came to the Mercados’ rescue: the Federal Housing Administration’s 203(k), also known as the F.H.A. rehab loan, which is designed to cover not only buying the home but also renovating it, and is then paid back like a regular mortgage. A hybrid that has been around for more than 30 years, the loan program has recently surged in popularity.
The challenges sales agents face continue to plague the market. With the high number of foreclosures on the rise many sales agencies are realizing the benefits of FHA 203K Rehab loan. But how do you sell it? What sets this loan program apart from a standard sale?
There are pros and cons to every market condition. We’ve compared the
Repairs listed as recommended are those suggested by professionals who have either inspected your project by choice [usually a Professional Home Inspector] or as a result of a recommendation by your 203(k) Consultant or Professional Home Inspector. A few examples are: