Taylor Realty Group | Colorado Real Estate Experts

Serving Denver Metro & Boulder County Since 2004!

Serving Denver Metro & Boulder County Since 2004!
Voted 5280 Magazine's FIVE STAR REALTOR 11 Years Running!
303-669-2744
michael@taylorrealtygroup.net
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FHA 203k – When You Want a “Fixer-Upper” But Don’t Have $$ For the Fixing!

When a homebuyer wants to purchase a house in need of repairs or updating, he/she usually has to obtain financing first to purchase the home, additional financing for the construction, and then a permanent mortgage when the work is completed.  Often the interim loans involve high interest rates and short repayment periods. The FHA Section 203(k) loan program was designed to address this situation!

The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehab of the property. The mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.

What Properties Are Eligible?
To be eligible, the property must be a one- to four-family dwelling that has been completed for at least one year.

What Improvements Can I Make?
Luxury items and improvements are not eligible as a cost rehabilitation. However, the homeowner can use the 203(k) program to finance such items as painting, room additions, decks and other items even if the home does not need any other improvements. All health, safety and energy conservation items must be addressed prior to completing general home improvements.

Where Can I Get More Info?
The HUD website has a quite lengthy and somewhat intimidating details page here

An easier way is to give me a shout and I can put in you touch with one of my 203K lending partners. We work as a team and can help you get a 203K loan set up, find a home, and get you on your way to making it the home of your dreams! Mike 303-669-2744 x 5

Posted in: Buyer Tips & Advice, Buying Foreclosures, Buying Short Sales, Mortgages & Loans, The Blog

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Well, we contacted Michael back on 2020, just to have a consultation. Then we called him back last year {2021) around June I believed, asking him question on when we should...

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Mike, Kindra, and Tami are a phenomenal team to work with during the house buying process! They took care of us from start to finish. In this insane market, they worked har...

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We took our time to find a real-estate agent because we knew we were coming in from out of state. We knew we needed someone we could trust and that would have our best inte...

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We are pleased with the service. As members of multiple minority communities, we felt welcomed, safe, listened to, and taken care of.

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Michael and his team were very honest and upfront. We appreciate all the help with this potentially stressful process.

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Meet Michael, Your Real Estate Agent

Real Estate Agent Broomfield Thornton Westminster Colorado Colorado home buyers and sellers need a consultant, not a salesperson. I specialize in Broomfield, Thornton, & Westminster real estate but am often referred to help people throughout Denver Metro & Boulder County! My commitment to you: Expert Guidance & Friendly Personal Service!
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Meet Michael - Your Consultant

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Taylor Realty Group | Since 2004

1499 West 120th Ave #110 Westminster CO 80234

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