Even though the FHA 203k Loan Program has been in existence since the 1970′s, many of us have never heard of it!  Let me tell you a little about it, because there’s never been a better time to use it.

So just what is an FHA 203k Home Loan?  Some call it the “Green” loan because the FHA 203k Loan was created to encourage the renovation of older homes.  In order to qualify, a home must 20 years or older.  In the US today, 80% of all homes are 20 years old or older!  That’s potentially 100 million qualifying homes.

But wait, there’s more! The 203k is a purchase loan and rehab loan in one.  With only 3 1/2 % down, homeowners can benefit from having a single loan. Not only does this loan have flexible qualification requirements for those with less than perfect credit, but it is assumable and it can be gifted to family members.

So now you know a little about the 203k loan, but why is this such a great time to use it?  There are two great reasons.

1. Because there are so many foreclosures and short sales on the market. Unfortunately, many of these homes have been poorly maintained, and potential buyers don’t have the necessary funds for renovations.  The 203k is a perfect solution.
2. Renovating is “green”. Need I say more?

If you’d like to become a 203k Specialist, there is a fabulous certification program available to you. You can learn all about this program at the REBuild USA website. Once you are a certified 203k Specialist, you have access to use the REBuild USA  partner programs.  REBuild USA partners include big names like Lowes, Pillar to Post, Wells Farogo and (of course) Obeo.

Well Fargo has FHA 203k certified loan reps in most markets nationwide. They have worked closely with the REBuild USA program, and they know what it takes to get an FHA 203k loan approved.

Pillar to Post inspectors are experts in FHA  qualifications. They will work with the buyer to insure the buyer know what must be done in order to meet FHA guidlines.

Nationwide, Lowes has trained their management and staff to know what it takes to meet the 203k requirement. Instead of just setting your potential home buyer loose to find their own licensed, insured, bonded contractor, simply help your home buyer fill out a simple form on the REBuild USA website, and Lowes will do the rest. They will take care of the estimates and work with the loan officer to make sure all requirements are met.

And of course Obeo will be there, every step of the way with a very very cool new product.  But I’m not letting the “cat out of the bag” yet!  Stay tuned to learn more about how Obeo is going to revolutionize the way you work with home buyers!