Helena Talbot's blog - What Is A 203k Loan And Why You Should Be Taking Advantage Of It

The FHA or Federal Housing Administration, a part of the Department of Housing and Urban Development (HUD), has a program called the 203k loan program.  The purpose of this program is to help with the rehabilitation and repair of single family properties.  In other words, it is a home improvement loan. 

The 203k loan program is offered through FHA approved lenders.  So the properties still have to be appraised and the buyer still has to be approved.    Many lenders have teamed up with state and local housing agencies, as well as, non-profit groups to help rehabilitate distressed properties.  These loans are vital to neighborhood revitalization and helping people with homeownership opportunities.   Therefore, HUD strongly supports this program and the lenders who participate in them. 

Here is how the 203k loan program can be used.

1.  To help rehabilitate or improve an existing one to four unit dwelling

2.  To buy a dwelling and the land on which the dwelling is located as long as it is rehabilitated

3.  To buy a dwelling on another site and move it to a new foundation on the mortgaged property and then rehabilitated

4.  To refinance existing debt and rehabilitate a dwelling

5.  In order to do this, it must be the first lien on the mortgage.   Funds must be available before the rehabilitation begins.  Unless the dwelling is on another site; then the funds will not be made available until the unit is moved and attached to the new foundation

The 203k loan program is a great way to buy a home that you may not normally be able to afford.  However, since it needs renovated, you buy the house at a discount.   You will then have the funds available to you to make the necessary  repairs.  Additionally, you will have the opportunity to improve it to your living standards and increase the value of your investment. 

Talk to your realtor to learn more about the 203k loan program.  This is a fantastic way to get the home of your dreams.  Your realtor will be able to locate all of the homes in your area that are being sold under market value due to needed repairs and improvements.   So take advantage of the 203k loan program and use it to create the home that you have always wanted for you and your family.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia. 

I have over 25 years experience in the real estate industry.  As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele.  If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems.  I would appreciate the opportunity to earn your business.  I am experienced in listing and selling short sales.  For information on the short sale process, please visit  www.LoudounShortSaleSolutions.com.

For a free market analysis on the value of your home, please visit http://www.LoudounHomeValues.com

My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors,  Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.  I am a member of the Top 5 in Real Estate Network.

I have lived in Loudoun County since 1979.  I am married with two grown children and two grandchildren.  My son in law is my business partner in real estate.  I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Fairfax, Clarke, Fauquier, Prince William  Counties.  Our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill and Bluemont.                        Cell 703.727.9885    Office 703.574.3800

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