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Updated over 10 years ago on . Most recent reply

Roberto Reyna's profile image
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Roberto Reyna
  • Homeowner
  • from Houston, Texas
  • Member since Apr 30, 2014
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Roberto Reyna's profile image
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Roberto Reyna
  • Homeowner
  • from Houston, Texas
  • Member since Apr 30, 2014
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Roberto Reyna
  • Homeowner
  • Houston, TX
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Creative Real Estate Financing

203k loan

Roberto Reyna
  • Homeowner
  • Houston, TX
Posted

recently I found a property retail for 37k but needs about 5k in repair, I inquire into this program from the foreclosure agent but was told there are no more 203k loan, there is 203D loan here in the Houston, Texas area. Please set me straight on this, please.

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Paul Welden's profile image
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Paul Welden
  • Real Estate Agent
  • from Tempe, AZ
  • Member since Jan 13, 2011
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Paul Welden
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  • from Tempe, AZ
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Paul Welden
  • Real Estate Agent
  • Tempe, AZ
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Paul Welden
  • Real Estate Agent
  • Tempe, AZ
Replied

203k is an FHA mortgage loan that allows owner occupant borrowers and qualified non profit groups to include the cost of purchase/refi and renovation money into one mortgage. This permits the borrower to purchase/refi 1-4 unit property in its as-is condition because rehab money is added to loan to complete rehab after loan closing/settlement.

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