Longwood Gardens Flowers & How To Use FHA 203(k) 8/11/11

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Education & Training with Retired Real Estate Broker, Maryland Blogger

Longwood Gardens Flowers & How To Use FHA 203(k) 8/11/11

How The FHA 203(k) Progran Can Be Used - HUD Guidelines

This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways:

 -   To purchase a dwelling and the land on which the dwelling is located and rehabilitate it.
 -   To purchase a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it.
 -   To refinance existing liens secured against the subject property and rehabilitate such a dwelling.

To purchase a dwelling and the land on which the dwelling is located and rehabilitate it, and to refinance existing indebtedness and rehabilitate such a dwelling, the mortgage must be a first lien on the property and the loan proceeds (other than rehabilitation funds) must be available before the rehabilitation begins.

To purchase a dwelling on another site, move it onto a new foundation and rehabilitate it, the mortgage must be a first lien on the property; however, loan proceeds for the moving of the house cannot be made available until the unit is attached to the new foundation.

Longwood Gardens - Dolores and I enjoy frequent visits to Longwood Gardens in Kennett Square, Pennsylvania.  Encompassing more than 1,077 acres, Longwood Gardens is a place of unparalleled beauty, offering dazzling displays that elevate the artistry of horticulture as will as an array of innovative educational programs.  You will enjoy the Gardens and the grand Conservatory. www.LongwoodGardens.org  

 

Roy and Dolores Kelley visited Longwood Gardens on June 5, 2011. This is one of our favorite destinations. Canon PowerShot G11 camera. Photographs by Roy Kelley.

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Roy and Dolores Kelley Photographs

Roy Kelley, a real estate broker since 1960, has retired from his position as Associate Broker with RE/MAX Realty Group in Gaithersburg, Maryland. The needs of past clients and referrals will be met by long time associates.Ā 



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Rainmaker
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Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

You do a very good job of promoting the FHA 203(k) program Roy.  Thanks for sharing your knowledge.

Aug 11, 2011 06:48 AM #1
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Steve Hoffacker
Hoffacker Associates LLC - West Palm Beach, FL
New Home Sales Trainer/Coach, Sales Books Author

Roy,

The 203k program is a good tool for renovation but it requires refinancing and not an additional mortgage. :)

Steve

Aug 11, 2011 06:54 AM #2
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Steve Hoffacker
Hoffacker Associates LLC - West Palm Beach, FL
New Home Sales Trainer/Coach, Sales Books Author

Roy,

Great flower shots like we've come to expect from you. Keep it up. :)

Steve

Aug 11, 2011 06:55 AM #3
Rainmaker
884,111
Wayne Martin
Michael Saunders & Company - Sarasota, FL
Sales Manager - New Homes & Condominiums Division

Roy, today I am focusing on the positive, like the beauty of your photographs. May not listen to financial reports today and hope for a miracle! Then, tomorrow will come!! Enjoy the day.

Aug 11, 2011 07:04 AM #4
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Michael Thornton
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspector - Nashville, TN area - 615.661.0297

Good morning,  Roy. Today, I too choose to focus on the positive. Really nice photos. And yes, I will leave the radio and the tube turned off. Too much negativity...

Aug 11, 2011 07:08 AM #5
Rainmaker
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Roy Kelley
Retired Real Estate Broker, Maryland Blogger - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Good morning to all.  Today is a good day to turn our minds to flowers rather than the state of the financial markets.

The FHA 203(k) loan can be used to refinance and rehab the present home or to financing the purchase of home that needs repairs or renovation.  Many of our buyer clients use 203(k) financing when they purchase a lender owned foreclosure.

Brookside Gardens.  Photograph by Roy Kelley.

Aug 11, 2011 07:47 AM #6
Rainmaker
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Tony & Darcy Cannon
Keller Williams Legacy - Woods Cross, UT
The C Team

Roy, Good information on the HUD 203K program, and very beautiful flower pictures!

Aug 11, 2011 02:44 PM #7
Rainmaker
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Juli Vosmik
Dominion Real Estate Partners, LLC, Scottsdale, AZ - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Roy, the 203K program is great for homes owners - whether purchasing or refinancing - it can provide just the cash needed for updating/upgrading/fixing the home.  Great post.

Aug 11, 2011 03:29 PM #8
Rainmaker
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Roy Kelley
Retired Real Estate Broker, Maryland Blogger - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thanks so much for your comments. I hope you are having a great week.

Life is better when there are flowers to photograph!

Aug 11, 2011 03:40 PM #9
Rainmaker
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Gloria Todor and Doug Durren - Delaware County PA Real Estate
Century 21 Absolute Realty - Media, PA
Hard Working Professionals (484) 431-3686

Hi Roy, Like how you combine financing and flowers in your post.  203K mortgages are getting more traction these days.  Thanks for the dose of flowers from Longwood!

Gloria

Aug 11, 2011 04:27 PM #10
Rainmaker
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Dawn Crawley
Dawn Crawley Realty - Pinehurst, NC
Find Pinehurst Homes

Roy, such helpful information for those that either don't understand what a 203k is and for those who have never heard of it.

Aug 11, 2011 05:02 PM #11
Rainmaker
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Roy Kelley
Retired Real Estate Broker, Maryland Blogger - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Good to hear from you Gloria and Dawn.  I hope you are having an outstanding week.

Longwood Gardens.  Canon PowerShot G11 camera. Photograph by Roy Kelley.

Aug 11, 2011 05:06 PM #12
Rainmaker
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Linda D. Pufford
Stage with Divine Style - Home Staging - Novato, CA
ASPM, Marin/Sonoma Home Stager

Hi Roy,

What gorgeous flowers on your post and in your comments!  Very vibrant colors and beautiful blooms.  Great information as well on how to use the FHA program!

Aug 11, 2011 11:12 PM #13
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