Santa Cruz County Home & Community Information


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


Authored by Jessica Wallace, Santa Cruz Realtor

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Comment balloon 0 commentsJessica Wallace • February 07 2011 05:16PM
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