MY FIRST FHA 203K LOAN TRANSACTION IN SANTA CRUZ
FHA 203k loans have been around for awhile and we have all been hearing about them but I have rarely seen them put to use in Santa Cruz County. When searching for homes for first time buyers we are often in a lower price range and come across many foreclosure homes or short sales in bad condition that would never qualify for a regular FHA loan. For a first time buyer with limited cash reserves that needs to buy a lower priced home or foreclosure home an FHA 203k loan can be a great way to go.
My first FHA 203k loan transaction as a Realtor just closed last week. The client was a young first time home buyer that wanted to buy a home priced under $300,000. In Santa Cruz County you will not find many homes under $300k in good condition so we found a fixer and got into contract using an FHA 203k loan. I have heard these FHA 203k loans can take 60 to 90 days to close but the excellent lender we used in this transaction had it done in less than 40 days! There is a lot of work to do getting the bids right and all the conditions met but with teamwork we got it done.
Now that I know how an FHA 203k loan works and have had such success I can recommend it to my clients. Also this lender with Wells Fargo did such a great job I am confident in recomending him.
Now the buyer has a great property at a great price that needs a little work and the bank is loaning him $35k to fix it up! Pretty sweet deal!
Feel free to contact me for more details about FHA 203k loans and buying a foreclosure in Santa Cruz.
Read my related article: Santa Cruz FHA Loans
Written by Jessica Wallace, Santa Cruz Realtor
Your Santa Cruz Realtor - Jessica Wallace (831) 419-9345
I'm Jessica Wallace - Your Santa Cruz Realtor - You can reach me anytime at (831) 419-9345 or via email at cjess4homes@yahoo.com
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DRE 01455690 - Century 21 Lad
Congrats! They're tricky, but when you can get them closed it makes all the difference for your buyer!
We do learn by doing - by far the best way. First hand knowledge is wonderful and has a lot more impact on your customers and clients. Great job.
Great job Jessica, the way to expand is to step out of our comfort zone...