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Myrna, Home Buyer in Northridge, CA

If the property bought was REO distress can it be finance by 203 program? myrnaagbayani@yahoo.com

Asked by Myrna, Northridge, CA Sun Aug 14, 2011

I have a leads of REO distress property. I want to purchase it. Once I purchase can I apply for 203 loan program? Let me know. email me to myrnaagbayani@yahoo.com

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Answers

7
Be sure to use a loan officer that is familiar with this program & explains it well. It can be a be a great way to finance certain homes that lack the standards/condition that you would typically need to finance a rougher property. Be prepared for some extra work & time to process these types of loans.
0 votes Thank Flag Link Sat Oct 1, 2011
Yes, you can. And you should apply NOW, before you submit your offer.

Please check out my website. I would be glad to help!

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Brent Kluge
FHA 203k EXPERT
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410.591.8300
Web Reference: http://www.203kworld.com
0 votes Thank Flag Link Sat Oct 1, 2011
Per your request, I will email you directly. I specialize in the 203K program and can help both you and any potential listing agent understand that using the 203K program does not necessarily mean a longer or more complicated closing. It is a great program and there are a lot of misconceptions about it. For instance, @Monique & Joe, your comment is 100% incorrect. A 203K loan can abolutely be used for refinancing a primary occupied home.
0 votes Thank Flag Link Tue Aug 16, 2011
you can finance any purchase with an fha 203k program, provided that the seller is agreeable to accepting your offer with this type of financing...
Many sellers will accept it. Id depends on what other offers they have n the table.
0 votes Thank Flag Link Mon Aug 15, 2011
Hello Myrna,

You have to buy it with the 203 loan. You cannot refinance into this type of loan. If you need help, let me know.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
(323) 899-2900
mcarrabba@kw.com
0 votes Thank Flag Link Sun Aug 14, 2011
Yes it can but you need to be aware that many Realtor are not as receptive to taking 203k offers so it is important that your Realtor have a conversation with listing agent and try to get you in a better position to get offer accepted. The longer it has been on the market the better your chances of them considering a 203K loan will be!!!

Kindest Regards,
Dianne Hicks
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Sun Aug 14, 2011
Yes. You can finance the property through a 203K loan but you should review the specifics of the property with a Realtor.
0 votes Thank Flag Link Sun Aug 14, 2011
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