FHA 203K Question. Should we go for it?

By
Managing Real Estate Broker with Crye-Leike Realtors

FHA 203K in Jackson Tennessee ..  

 

I'm in the process of writing up an offer for on one of our listings.  The subject property is 20 plus

year old home.  The home was in the process of being remodeled by the owner but has been halted.  In the

middle of the remodel, the owner had passed away, and the spouse wants to sell it "as is" and just wants the home

sold.

 

I have a buyer that has been getting estimates to finish the property, i.e,  new kitchen cabinets, flooring, paint,

and replacing all the windows.  A new metal roof has already been installed and the bathrooms are complete.  The

only other modifications that need to be made is one non load bearing wall to be moved over 8 inches.

 

My Question:  Does this sound like a good candidate for a FHA 203K loan, and has anyone had any success with this

type of loan since the new appraisal guidelines have come into affect?  Thank you in advance for your help...FHA 203

in Jackson TN

Posted by


Greg Gillespie, CRS,GRI,CDPE

Licensed Real Estate Broker

Tupelo, MS

Lee and Prentiss County MS

Crye-Leike Realtors

662-213-9695

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Rainer
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Greg Gillespie
CRS TN & MS - Broker
Crye-Leike Realtors

As it turns out, the closest lender to Jackson that is certified to do this type of loan is located in Knoxville, TN.  I was really looking forward to trying out this FHA program, however, the buyer wanted to remain loyal to his lender and pass on the house instead of using a non local lender. For the time being, I am encouraging a local lender in Jackson TN to become certified. 

December 24, 2011 06:17 AM
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Rainer
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Greg Gillespie

CRS TN & MS - Broker
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