Profile picture for josesaucedo111

new programs?

I heard that a new program is coming out. If there is a house that you want to buy and needs a little of repair, can you get also some money for those repair and include that in the loan?
  • March 17 2011 - Los Angeles
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Answers (8)

Profile picture for CallTheSisters
The FHA 203 K loan has been in existence for a few years.  I believe there is a cap of $15,000.00 for added repairs.  At least that is the number used in my market.

There are other government loan products available to assist with repairs when you buy certain government foreclosures.

A mortgage lender in your area can help you determine if these loans meet your needs.
  • March 20 2011
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Profile picture for sgmmgs
Yes....that's correct.  It's the 203K repair loan.  If you would like more information give me a call. 
  • March 20 2011
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Profile picture for sunnyview
HUD has information on the 203K program here that might help you.
  • March 18 2011
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Profile picture for josesaucedo111
Can you tell me who can qualify for this program? Thank you.
  • March 18 2011
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Profile picture for Realtor Kay Lee
This program called FHA 203K has been out for a very long time, actually.
Buyer puts minimum 3.5% down payment and he can borrow upto add'l 10% above the after-rehab value of the home.  The bank pays your contractor directly. Most lenders who do FHA will be able to do the rehab loan for you.
  • March 17 2011
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Profile picture for Dunes....
4 letters 3 numbers 2 words for the answer

15 Letters-16 words-30 numbers for the Spam sign-off

We's in Trulia Land! LOL
  • March 17 2011
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Profile picture for sunnyview
Thierry, it might be helpful to review Zillow's policy for posting here and here. Generally, contact information is left on the profile page. Hope the links are useful.
  • March 17 2011
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FHA 203 K rehabilitation program

Thierry

Thierry Abel
Senior Loan Consultant
By Referral Only
All California Mortgage, Inc
[contact info removed by moderator]
  • March 17 2011
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