As a Realtor, you want to take advantage of great opportunities available in today’s market and help make your client’s home ownership dream come true. The FHA 203k Loan Program is one of those great opportunities! If you are not familiar with the loan program, here are the basics, taken from the REbuildUSA website:
- Only 3.5% down payment required, which can be gifted by family members
- More flexible qualification requirements allow those with less than perfect credit to purchase a home at competitive rates
- A single loan for both purchase and improvement of your home means you make only one loan application and pay one set of closing costs – saving you time and money
- FHA loans are assumable and there are no prepayment penalties
- An FHA Energy Efficient Mortgage (EEM) can allow you to qualify for a larger mortgage to add additional improvements that will lower your utility expenses.
- By including cost of renovation in your home mortgage, you pay for these improvements over time at a much lower interest expense than conventional alternatives
- Rather than paying a premium for a home in “perfect” condition, take advantage of the great prices available on foreclosures or other homes on the market that are in need of repair or remodeling
- Instead of paying for a previous owners improvements you may not desire, invest instead in exactly the features, colors, styles, etc. that suit your tastes and needs
- Enjoy the opportunity to live in an up-to-date home in a great location closer to work, shopping, cultural activities and more
If the 203K Loan Program interests you, then you should consider becoming a 203k Specialist. Grow your business by bringing professional guidance and support to allow more clients to enjoy the benefits of the FHA 203k Home Purchase & Renovation Loan program. The REbuildUSA™203k Specialist™ designation training delivers the most comprehensive and practical information, strategies and organizational tools to position you as an expert in this important growing area of real estate. Once you complete this course, you then enjoy the benefits as a professional member of REbuildUSA™!
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