Home Buying in 11040>Question Details

Choosepros, Home Buyer in 11040

What is a 203k pre-approval form?

Asked by Choosepros, 11040 Mon May 17, 2010

What is a 203k pre-approval form... I have a commitment letter, the listing broker wants a 203k form??

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Arlynn B. Palmer’s answer
Very often when purchasing a foreclosure (bank owned home) the home is in such disrepair that it will be impossible to obtain a "normal" mortgage from a bank. For instance, if there are no kitchen appliances, the heating system is not functioning, walls have been removed, etc. the bank will not issue a mortgage. Under these circumstances a purchaser would have to make the purchase with either all cash or a 203k loan - this loan approves the repairs that are necessary and provides enough money to make the necessary repairs that the bank will approve.

This is a basic idea - a loan officer or mortgage broker will be able to better explain the process to you.

Should you have any additional questions/comments or want to speak with a knowledgeable mortgage agent, please contact me.

In the meantime, please visit http://www.ArlynnPalmer.com for FREE Buyer and Seller Reports, FREE School and Neighborhood Reports, a Monthly Newsletter and other valuable real estate information.

Regards and Good Luck,

Arlynn B. Palmer, ESQ, SRES, CBR, CMS, CNS
Coldwell Banker Claire Sobel
Associate Broker, REALTOR
Web Reference: http://www.ArlynnPalmer.com
0 votes Thank Flag Link Mon May 17, 2010
Your loan officer can best answer your question as can your agent--203K is a property rehab loan--see link for additional information.
0 votes Thank Flag Link Mon May 17, 2010
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