HOW TO OBTAIN A FHA 203K LOAN WHEN PURCHASING DISTRESSED PROPERTY, BANK OWNED, REO IN PHOENIX, ARIZONA
Banks continue to foreclose on properties on a daily basis. It has been reported that over 50,000 homes in Maricopa County were in the foreclosure process. Home owners are stripping homes before they leave the home. They are selling the contents of the home on Craigslist. The number one problem in the Phoenix market has been abandoned homes. People come in and strip the home of its contents. So, there is plenty of opportunity for first time home buyers to obtain a great deal while using the FHA 203K loan to have the money to repair the distressed property, bank owned, REO property.
Home buyers are allowed up to $35,000 of repairs into their mortgage for the purchase of the home. This is an awesome deal for Phoenix home buyers. This can also happen on a refinance of a FHA loan to include $35,000 in repairs to a home. This is a great deal when first time home buyers do not have a great deal of money for repairs. This loan program is good for single family residences up to a four-plex unit as a primary purchase. The borrower must by able to prove their income and credit worthiness to obtain such a loan.
Here are some examples of the work that can be performed on a Distressed Property, Bank Owned, REO home in Phoenix, Arizona Maricopa County.
- Upgrade or replace A/C unit
- Repair or replace flooring, decks, patios or porches in some areas
- Painting interior and exterior
- Purchase and installing of new appliances
- Pool repairs if needed
- Connect public utilities such as water, electric or heat
- Window/Door replacements
- Disability accessibility improvements
- Landscaping
FHA 203K LOAN PROCESS IN THIS LINK FOR FURTHER REVIEW
One myth out there that people could not purchase a bank owned property with a broken window along with other minor repairs. Yes, that has some truth to it. However, it can be purchased with a FHA 203K loan as long as those are part of the repairs included to be fixed during the renovation of the home. It is better to be with real estate experts such as the Real Estate and Beyond Team in Phoenix, Arizona. We get the Deal Done with D'Elia.
There is plenty of opportunities for all buyers in this market to obtain a great deal on a home. I would prefer to purchase a bank owned property with the FHA 203k streamline loan to finance the repairs. Then, I can fix the house up to meet my crieria. One tends to be happeier in an environment that they most enjoy. We spend a great deal of time in our our home so we might as well make it comfortable for family and friends.
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