Santa Cruz County Home & Community Information

head_left_image

Santa Cruz FHA 203k Loans - Rehab Loan

SANTA CRUZ FHA 203K LOANS - REHAB LOAN

FHA 203K loans or Rehab loans are perfect for buying a fixer home or a foreclosure that needs some work.  FHA 203k loans are starting to become more utilized in the Santa Cruz area.  With the increase in Santa Cruz foreclosures and short sales for sale there is really a demand for these type of 'fixer loans' or 'rehab loans'.

fixer home santa cruz

 

This is basically how a FHA 203k loan works:  Say you find a Santa Cruz foreclosure for sale for $300,000 but it needs a new roof and has no working heating system.  Since it is a foreclosure the bank usually sells a home as-is and won't do any repairs.  It will be difficult to get a regular loan on the property without putting down a very large downpayment or it might not even be financeable.

With an FHA 203k loan or Rehab Loan, you can purchase a home with as little as 3.5% down and the bank will loan you money on top of the purchase pice, up to $35,000 to do the necessary repairs.  This is really an excellent option for a buyer that wants to buy a cheap foreclosure, with little downpayment.  I have had clients successfullly use FHA 203k loans in Santa Cruz and it helps them get into a home at a great price.

Santa Cruz FHA 203k loans require an experienced Realtor, lender and contractor to all work together to get the transaction completed.  FHA 203k loans are more complicated and detailed than a regular FHA loan or conventional loan and will take more time to complete.

If you want to buy a fixer, foreclosure or short sale that needs work the FHA 203k loan is a fantastic opportunity, especially for a first time homebuyer with a low downpayment.

Contact me for more information about FHA 203k loans and foreclosures for sale in Santa Cruz.

Read my related posts:

FHA Loans Santa Cruz

Santa Cruz Homes for sale under $500,000

Santa Cruz homes for sale under $300,000

Google

Authored by Jessica Wallace, Santa Cruz Realtor

 
Search Santa Cruz Homes For Sale
 
What is your home worth?
Search All Homes For Sale
See Recently Sold Santa Cruz Homes
 
 
MY REVIEWS
 
 
 
Jessica Wallace
Realtor
Coldwell Banker
831 419 9345
Licensed In: Ca
License #: 01455690
Contact Me

You Can Also Visit Us At:      
 

Comment balloon 0 commentsJessica Wallace • February 07 2011 05:16PM
Santa Cruz FHA 203k Loans - Rehab Loan
share
SANTA CRUZ FHA 203K LOANS - REHAB LOAN FHA 203K loans or Rehab loans are perfect for buying a fixer home or a foreclosure that needs some work. FHA 203k loans are starting to become more utilized in the Santa Cruz area. With the increase in… more
Home Prices in Pleasure Point, Santa Cruz -
share
HOME PRICES IN PLEASURE POINT, SANTA CRUZ Pleasure Point, Santa Cruz is a classic Northern California Beach town infused with surfing culture. Homes for sale in Pleasure Point are really a mixed bag. There are the tiniest of beach cottages… more
Santa Cruz Homes in Commute Location to San Jose, Silicon Valley
share
SANTA CRUZ HOMES IN COMMUTE LOCATION TO SAN JOSE, SILICON VALLEY There are some great commute location homes in Santa Cruz to San Jose and the Silicon Valley areas. While some people might have 'sticker shock' when shopping for homes in… more
Bonny Doon Home for Sale - Santa Cruz Mountain Estate Property
share
BONNY DOON HOME FOR SALE - SANTA CRUZ MOUNTAIN ESTATE PROPERTY Robles Dr, Bonny Doon, Santa Cruz* Incredible Bonny Doon Home for Sale in Santa Cruz County! This park-like Santa Cruz Mountain estate property is 3. 5 acres and is truly a paradise! 2… more
Santa Cruz Home Sales - Real Estate Market Report
share
SANTA CRUZ HOMES SALES - REAL ESTATE MARKET REPORT Looking back at Santa Cruz County Homes Sales over the past 2 years we have seen some changes, both good and bad. Comparing 2009 to 2010 in the Santa Cruz Real Estate Market may tell us a bit… more
Santa Cruz Ocean View Luxury Foreclosure Homes for Sale
share
SANTA CRUZ OCEAN VIEW LUXURY FORECLOSURES HOMES FOR SALE While the majority of foreclosures in Santa Cruz have been on the lower end of the real estate market, there have been a few ocean view luxury foreclosures that have sold recently. … more
The Jewel Box, Capitola Homes for Sale
share
THE JEWEL BOX, CAPITOLA HOMES FOR SALE The Jewel Box is one of Capitola's premier neighborhoods The name the Jewel Box comes from the street names, all named after Jewels like Emerald, Opal, Garnett, Crystal St Some of the Capitola homes… more
Homes for Sale in Depot Hill, Capitola
share
HOMES FOR SALE IN DEPOT HILL, CAPITOLA Depot Hill, Capitola is one of the loveliest neighborhoods in Capitola and Santa Cruz (in my opinion). Depot Hill is perched on the bluffs and overlooks Capitola Village and the Monterey Bay. Many homes… more
Santa Cruz FHA Loans - How to buy a home with an FHA Loan
share
SANTA CRUZ FHA LOANS - HOW TO BUY A HOME WITH AN FHA LOAN Buying a home with a FHA loan in Santa Cruz has become much more popular over the past few years. FHA loans are great for first time home buyers or those without a large downpayment… more
Homes for Sale in Pleasure Point, Santa Cruz CA
share
HOMES FOR SALE IN PLEASURE POINT, SANTA CRUZ, CA Pleasure Point is a neighborhood located in Santa Cruz adjacent to Capitola starting at 41st Avenue and going north from there. Pleasure Point, Santa Cruz is a quintessential beach neighborhood… more