FHA 203(k) Loans – Perfect for Rehab

I went to Tom Brassfield’s workshop on FHA 203(k) loans last evening over in Overland Park.  I’ve done a couple of FHA 203(k) rehab loans with Tom.   I love the program for people looking for a primary home that want to buy a house under market, fix it up the way they like it and move in with “minable” equity to be had.  In other words, you get paid handsomely for taking on the project.

Tom is a loan officer with Simmons First National Bank in Overland Park, KS.  A few bullet points for 203(k) loan rules from his seminar last evening;

  • KC max loan amount is $271,050.  (Means purchase price and rehab cost is about $281,000 if putting 3.5% down.)
  • Only 3.5% down payment that may be a gift.
  • $5,000 min. rehab cost.
  • No cash reserves required.
  • Primary residence only.
  • Contractor required.

If you would like to know more about this loan program that I whole-heartedly endorse feel free to call me at 913.568.1579 or call Tom at 913.709.9779.  We’re glad to help.

 

4 Comments

Filed under Financing Options

4 responses to “FHA 203(k) Loans – Perfect for Rehab

  1. I’d love to follow the loan program.

  2. Thanks for the overview. It is great to have a quick list to check when I have questions!

  3. How is the max amount viewed in a market like KC? I would this 271K is pretty high, but in some neighborhoods around here, I’m sure that there are some pressing for a bit more!

  4. Of course everything depends on your income, but KC median house sales are below 271. It’s a great program for a great many people. Not all, but for many.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s