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

By
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

Rocky Mountain Real Estate Advisors

www.TheFoersterTeam.com

720-530-5554 (cell)

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Re-Bloggged 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
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Topic:
Home Buying
Location:
Colorado
Groups:
Advice for Buyers
Never Answer The Same Question Twice
HUD Homes
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Tags:
donna foerster
hud homes

Comments 10 New Comment

Rainmaker
783,270
Donna Foerster
Metro Denver Real Estate Agent
Cherry Creek Properties, LLC

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
Rainmaker
178,524
Brenda Whitman
Associate Broker, Laramie, Wyoming
CENTURY 21 Real Estate Center, Inc., 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
Rainmaker
783,270
Donna Foerster
Metro Denver Real Estate Agent
Cherry Creek Properties, LLC

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

July 06, 2011 11:08 PM
Rainmaker
391,237
Mike Young
FHA 203k Consultant 707-812-7668
203kOnLine.com, covering California & most other states

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
Rainmaker
783,270
Donna Foerster
Metro Denver Real Estate Agent
Cherry Creek Properties, LLC

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
Rainmaker
783,270

Donna Foerster

Metro Denver Real Estate Agent
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