| April 6, 2010 | ||
| 6:30 pm | to | 8:00 pm |
I know… what is a 203k loan?? A 203k loan is HUDs way of trying to help home-buyers get into a home that needs some help, while giving them access to funds to rehabilitate the home. It is a tool that combines planning, nonprofit organizations that specialize in housing, and smart lending to deliver an end product that helps you as a homeowner.
Have you been looking for a home and can’t find just that right one? Sure, you could make repairs or remodel certain properties to make them exactly what you are looking for, but that takes upfront money. Enter – Section 203 (k) or 203k. The 203k loan enables you as a home-buyer to purchase a home, make qualified repairs to the home, or rehabilitate the home and roll the repairs and upgrade costs into the mortgage loan.
Per HUD’s website, “The Section 203(k) program is the Department’s primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for the community and neighborhood revitalization and for expanding homeownership opportunities. Since these are the primary goals of HUD, the Department believes that Section 203(k) is an important program and we intend to continue to strongly support the program and the lenders that participate in it.” (www.hud.gov 2010)
MN Home Loan Partners of Cornerstone Mortgage Company in Burnsville is very excited to be able to offer a free seminar to help home-buyers learn about the 203k process. Like anything unknown, it can be intimidating, but that is why we are here! Join us the first Tuesday of the month for the ‘Fixin’ To Stay? Try A 203k’ seminar. Elizabeth Vaughan of MN Home Loan Partners, goes over the details of the 203k loan process. She breaks it down, makes it all clear, and will help you determine if the 203k is the best loan for you. As I said before, its totally free, and no obligation, so stop by!
The 203k loan seminar will take place at Cornerstone Mortgage Company’s Burnsville office, starting at 6:30p. Please click hereto register so we have materials for everyone. Fixin’ To Stay, Try a 203k Seminar is offered each first Tuesday of the month.
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Great information, Carrie. And how cool that you’re taking time to teach the public about this great opportunity, especially since most lenders won’t mention the program because they don’t do it and frankly, can’t do it right!
[...] this way, how can these foreclosures be sold? The financing that can handle this is called the FHA 203K loan. Under this program, there are two sub-programs, the streamline 203K and the full-blown 203K or [...]