Profile picture for user252870

does a home have to be listed as 203k to use one or can it just be listed fha

i found a home that was listed fha. unfortunately i was told that it would not pass an fha inspection. can a 203k loan be used or does the listing have to specifically have to say 203k
  • May 25 2013 - South Rockwood
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (5)

Profile picture for AndreaSmolin
Check out this article in Zillow's Mortgage Education Center for more general information about 203k loans.
  • June 21 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes, you can absolutely use a 203k loan to fix the home.

Now... There are (2) types of 203k loan:

1.) 203k - This is a loan that takes a lot of time, and there are far fewer lenders that offer the full "K" program.  You only want to use this if you making serious/intense structural changes to the home.

2.) 203k Streamline - I do lots of these, as they are much easier and quicker to get approved.  Basically you can finance up to $35,000 of repairs into the home (non-structural).  You can also finance new energy friendly appliances into the loan! 

Contact me if you would like more info!

John
  • June 21 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

[Promotion and website removed by Zillow moderator. Please see our Good Neighbor Policy.]
  • June 16 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for gsmith6673
Yes, you can purchase and repair a home that does not meet FHA minimum standards. You can also repair one you currently own and live in, with an FHA Section 203(k) Rehab Loan. Find a consultant and a lender and should you need more info, please feel free to contact me for advice.

Gary Smith
[Phone removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
  • May 28 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes, you can use the 203k to make the necesay repairs.

Let me know if you need specific info.

Mark G
  • May 25 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.