Case Studies - The Power of a 203k Loan!
In this section, we will take a look at the numbers and show you why a 203k makes sense.
REASON #1 - It allows a borrower/purchaser to buy a home that they otherwise would not have the extra money to invest into fixing it up. This is important for a number of reasons, but a common scenario is this: A buyer has been looking for a home in a particular neighborhood (could be because of the school district, close to family/friends, work, etc), however it always seems like the only homes that come up for sale are either 1) out of their price range or 2) are priced within their range, but need too much work. Most buyers in this situation usually end up discouraged and settling for a house in a different area. However, now that you are buyer who knows about a 203k loan, you can jump on that house that needs work and be able to put your own vision into renovating the home (lets face it! Most buyers do not know about these loans, so you have an advantage now).
MORE TO COME.......
REASON #1 - It allows a borrower/purchaser to buy a home that they otherwise would not have the extra money to invest into fixing it up. This is important for a number of reasons, but a common scenario is this: A buyer has been looking for a home in a particular neighborhood (could be because of the school district, close to family/friends, work, etc), however it always seems like the only homes that come up for sale are either 1) out of their price range or 2) are priced within their range, but need too much work. Most buyers in this situation usually end up discouraged and settling for a house in a different area. However, now that you are buyer who knows about a 203k loan, you can jump on that house that needs work and be able to put your own vision into renovating the home (lets face it! Most buyers do not know about these loans, so you have an advantage now).
MORE TO COME.......