Saving Neighborhoods: Is the 203k "Just" a Foreclosure Loan?

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Fewer foreclosures on the market means a better housing market and more valuable neighborhoods. It's pretty simple: cleaning up run-down homes and overgrown yards goes a long way towards beautifying a neighborhood. The FHA 203k loan is one of those options out there, a hidden treasure so-to-speak, to help turn fixer-uppers into livable dwellings.

It's Not "Just" for Foreclosure Properties

What's interesting though, is that the 203k is not just for foreclosures. A buyer can also use the 203k renovation loan for other items from appliances to home improvements like new paint and carpet.

From short sales, to foreclosures to bank-owned properties, the 203k loan can cover many scenarios. 203k Educator Joe Daly talks about the real estate market and homes in need of repair, and how the FHA 203k loan can help. Take 2 minutes to hear about the benefits to a 203k renovation and rehab loan.

If you can't see the player above, follow the link to the 203k video here.

So What's Next?

Whether you're a first time home buyer or you're looking to improve the home you're in right now, this government-backed loan program can help out in many ways. You may have heard some horror stories about the 203k taking a long time to close, or there's tons of paperwork; but that doesn't have to be the case. You can talk to a 203k specialist anytime and ask whatever you have on your mind. Just let us know how we can help.