Answering HUD Questions: What is the Meaning of 203K Eligible?

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Real Estate Agent with Cherry Creek Properties, LLC

Answering HUD Questions: What is the Meaning of 203K Eligible?

HUD HomesA consumer is searching the HUD Homestore website for available homes.  He/she finds one that sounds interesting.  It has the right number of bedrooms and bathrooms and a good price.  He/she clicks on the Property Case number for more details.  The Listing Information indicates the home is 203K Eligible.  What does that mean?

The HUD website gives the following definition:

203(k): this FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.

What does that mean for the consumer?  The buyer can finance the repairs and the cost of the home in one loan.

If you would like to know more about the 203K loan, or if you are interested in learning more about HUD Homes in general, please contact The Foerster Team at (720) 530-5553. 

 

(HUD is the U.S. Department of Housing and Urban Development.)

If you would like to schedule a showing of a HUD Home in the Metro Denver area, please contact The Foerster Team at (720) 530-5553.

Watch this blog site for available HUD Homes in Douglas County and the surrounding areas and additional information regarding HUD Home programs and purchasing HUD Homes.

What is a HUD home?

How do I search for HUD homes?

What are the benefits of registering on the HUDhomestore website?

How much information will I find on the HUDhomestore website?

HUD Special Programs

Who Can Purchase a HUD Home?

What is Repair Escrow?

(Clipart courtesy of Microsoft Office.)

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Donna Foerster

The Foerster Team

Cherry Creek Properties, LLC

www.TheFoersterTeam.com

720-530-5554 (cell)

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Rosemary Brooks 06/12/2011 07:30 PM
  2. Vickie Nagy 06/12/2011 07:38 PM
Topic:
Home Buying
Location:
Colorado
Groups:
Advice for Buyers
Never Answer The Same Question Twice
HUD Homes
Local Expert
Tags:
donna foerster
hud homes

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Anonymous
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Nice post.  Thank you for opportunity to reblog it - to share it with more viewers.  Great information.

June 12, 2011 07:33 PM #1
Ambassador
1,091,473
Joni Staples
Berkshire Hathaway Home Services - Anderson Properties - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®
I like these question and answer posts! They are very helpful to the public! Great job!
June 12, 2011 07:47 PM #2
Rainmaker
894,159
Donna Foerster
Cherry Creek Properties, LLC - Parker, CO
Metro Denver Real Estate Agent

Thank you Rosemary.  We need to keep the public informed!

Hi Joni~ It's an easy format to write and to read!

June 12, 2011 07:50 PM #3
Rainmaker
716,804
Juli Vosmik
Dominion Real Estate Partners, LLC, Scottsdale, AZ - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Donna, great job giving the link along with some basic information about the 203K loans. 

June 12, 2011 08:24 PM #4
Rainmaker
617,412
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

I am working on one right now actually...had a hard time finding a lender who actually understood the process though!!!   Great explanation !!

June 12, 2011 08:25 PM #5
Rainmaker
894,159
Donna Foerster
Cherry Creek Properties, LLC - Parker, CO
Metro Denver Real Estate Agent

Thank you Juli~ Since I'm not a lender, I can only share basic information.  It's a great option for buyers!

That's great Deborah.  I've found the same challenge here also.  Not every lender is able to do a 203K loan.

June 12, 2011 08:29 PM #6
Rainmaker
179,653
Brenda Whitman
CENTURY 21 Real Estate Center, Inc., Laramie, Wyoming - Laramie, WY
Associate Broker, Laramie, Wyoming

Thanks, Donna!  I've been seeing this term everywhere and wondering what it meant, but not finding myself wondering enough to actually research it..... so I am especially happy that you did!

July 06, 2011 10:23 PM #7
Rainmaker
894,159
Donna Foerster
Cherry Creek Properties, LLC - Parker, CO
Metro Denver Real Estate Agent

Hi Brenda~ 203K loans are a great way to finance a home that needs some TLC!

July 06, 2011 11:08 PM #8
Rainmaker
419,960
Mike Young
203kOnLine.com, covering California & most other states - Fairfield, CA
FHA 203k Consultant 707-812-7668

Good info here Donna, Denver should be ripe for the program. Don't forget it can be used to rebuild fire damaged homes as well. 

June 30, 2013 01:08 PM #9
Rainmaker
894,159
Donna Foerster
Cherry Creek Properties, LLC - Parker, CO
Metro Denver Real Estate Agent

Hello Mike~ Thank you for stopping by! I didn't know about rebuilding fire damaged homes. That's great information to share!

June 30, 2013 07:12 PM #10
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Donna Foerster

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