What A 203k Loan Can Do For You
The 203K loan or Rehab mortgage is an FHA loan. A 203k Loan is a cost-effective loan that allows a buyer to finance home repairs and improvements with only a 3.5% down payment.
Home buyers looking for a “fixer upper” should call their mortgage lender about this type of loan. A 203k loan creates just one mortgage that includes the home purchase and renovation. The 203k fha loan can also be used when refinancing an existing Tucson home.
Having just one mortgage transaction makes this loan attractive. It will save time and money since there is just one single set of closing costs, one loan approval and one closing.
A 203k loan is ideal when the home being purchased requires some work. Especially when the buyer doesn’t have the extra cash to cover the costs.
The 203K Rehab Loan comes in two types – Standard and Streamline.
A Standard 203K Rehab Loan program can contain structural changes, additions, fencing and changes over $35K.
The Streamline 203k loan program is a bit more popular in the Arizona market.
Here are a few additional items to consider
Its an FHA mortgage for a primary residence only with a 30 year term.
A 203k loan will require a longer close of escrow. Usually between 45 and 60 days.
Remember to notate on the appropriate line of the Arizona Residential Purchase Contract: “Buyer obtaining a FHA 203K Rehab Loan; terms & conditions apply.”
Considering A Home In Tucson, AZ?
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires. At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.
For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home. Review our profiles. Check out our backgrounds, education, and certifications.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services. We will also help you get deals on tile and paint to make the home you buy yours. Our professional service backgrounds mean we put you first!
Thinking about selling a home in the Tucson area?
Selling a home requires more than listing it in the Tucson MLS system. It’s about marketing. Marketing through multiple online channels.
To no one’s surprise, 80% of home buyers start their search on the internet. Homes must be visible on multiple internet channels. The more visible a home is, the faster it will sell.
We use multiple online marketing channels to showcase your home. We will build a stand-alone website built to show your home. Our marketing program targets key cities in the U. S. based on the season. For luxury listings, our drone service provides video of your home and neighborhood. This video along with professional photos helps the online buyer see and feel in your home.
To learn more about how we can help you sell your Tucson home, call us – 520-940-4541 – to arrange a meeting. We will visit your home and prepare a comparative market analysis. Then we will meet with you to review our analysis and our marketing program to “get your home sold!”
203K Rehab Loans are having a return in our marketplace! As the inventory of Tucson homes for sale has shrunk, buyers are considering the “fixer” in their Tucson home search. Home buyers should determine if they are 203k eligible at the beginning of their home buying process.
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us.
Our website provides information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541. We are ready to answer your questions and help you get the information you are looking for.
We are a top Realtor team in Tucson, AZ. Read our client testimonials. Give us a call. We look forward to making your home buying or selling a home an enjoyable experience for YOU!
For more information on the FHA 203k loan program, visit the HUD website.
Questions about the Tucson Real Estate Market or Tucson Homes for Sale?
Call Us – 520 940 4541 OR complete the – CONTACT FORM – and we will get right back to you!