Bellingham, WA Real Estate
Elaine A. Cook
Savvy, Just Like You!
Savvy, Just Like You!
Elaine A. Cook 360-441-5882 elaine@elaineAcook.com 1313 E Maple St Suite 521 Bellingham WA 98225
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Here is the FHA explanation of the 203(k) Loan:
"Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.
Purpose: Section 203(k) fills a unique and important need for homebuyers. When buying a house that needs repair or modernization, homebuyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment. However, Section 203(k) offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed rate loan that covers both the acquisition and rehabilitation of a property. Section 203(k) insured loans save borrowers time and money. They also protect the lender by allowing them to have the loan insured even before the condition and value of the property may offer adequate security. For less extensive repairs/improvements, see Streamlined 203(k)."
"Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.
Purpose: Section 203(k) fills a unique and important need for homebuyers. When buying a house that needs repair or modernization, homebuyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment. However, Section 203(k) offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed rate loan that covers both the acquisition and rehabilitation of a property. Section 203(k) insured loans save borrowers time and money. They also protect the lender by allowing them to have the loan insured even before the condition and value of the property may offer adequate security. For less extensive repairs/improvements, see Streamlined 203(k)."
Okay, so what does this mean to you?
It means you can purchase a home a great price, borrow funds that will purchase the property AND the funds to fix it up! Change the carpet, the roof, the kitchen, the bath...etc. No, you can't add a pool or a fancy outdoor BBQ. BUT you can find a home below your budget, remodel it and have the home you were dreaming of! It is a great program! It helps sellers who don't have the funds to fix a home prior to selling it, it helps buyers open up possibilities for purchasing their new home!How does it work? First you contact your FHA lender. (I will give you some names of local lenders who are FHA certified, just email me!) Go through the qualification process. Find out what your buying power is.
Then we go to work finding you choices, homes to look at. Once we find the one you want to work with, we notify your lender. While a "planner" comes and takes a look at the property. We plan your remodel, get a General Contractor and bids together. We submit our paperwork, await lender approval, close on the property, and get the Contractor to work! The funds are dispursed to the Contractor as the work is completed. All work must begin 30 days from close and must be finished within 6 months! The typical time frame from the time you find the property to closing is 45 to 60 days.Want to know more?
That's easy. Send me an email, or call me! 360-441-5882
Map Search
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MLS#: 223371
1512 Lilac Ct Lynden, WA 98264
Property Type:
Residential
Bedrooms:
3
Bathrooms:
2.0
SQFT:
1,868
Year Built:
1998
Virtual Tour:
Yes
Pending
#1 of 290
MLS#: 295734
500 Innis Creek Rd Acme, WA 98220
Property Type:
Residential
Bedrooms:
4
Bathrooms:
2.0
SQFT:
1,600
Year Built:
1935
View:
Yes
Virtual Tour:
Yes
Active
#2 of 290
MLS#: 304192
237 Lindsey Wy Orcas Island, WA 98245
Property Type:
Residential
Bedrooms:
3
Bathrooms:
1.75
SQFT:
1,719
Year Built:
1982
View:
Yes
Virtual Tour:
Yes
Active
#3 of 290
MLS#: 305062
2173 Mt Baker Hwy Bellingham, WA 98226
Property Type:
Residential
Bedrooms:
4
Bathrooms:
1.0
SQFT:
1,821
Year Built:
1910
View:
Yes
Active
#4 of 290
MLS#: 313119
3905 Cliffside Dr Bellingham, WA 98225
Property Type:
Residential
Bedrooms:
3
Bathrooms:
1.75
SQFT:
2,172
Year Built:
1956
Active
#5 of 290
MLS#: 312942
1936 N Bridgeview Dr Lynden, WA 98264
Property Type:
Residential
Bedrooms:
4
Bathrooms:
2.0
SQFT:
1,873
Year Built:
1999
View:
Yes
Active
#6 of 290
MLS#: 251610
8084 Enterprise Rd Ferndale, WA 98248
Property Type:
Residential
Bedrooms:
3
Bathrooms:
1.75
SQFT:
1,642
Year Built:
1974
View:
Yes
Active
#7 of 290
MLS#: 224334
2935 King St Bellingham, WA 98225
Property Type:
Residential
Bedrooms:
3
Bathrooms:
1.75
SQFT:
2,114
Year Built:
1955
View:
Yes
Active
#8 of 290
MLS#: 240075
8289 Fawn Crescent Rd Blaine, WA 98230
Property Type:
Residential
Bedrooms:
3
Bathrooms:
2.0
SQFT:
2,497
Year Built:
1959
View:
Yes
Virtual Tour:
Yes
Active
#9 of 290
MLS#: 270122
753 E Smith Rd Bellingham, WA 98226
Property Type:
Residential
Bedrooms:
3
Bathrooms:
1.0
SQFT:
1,555
Year Built:
1922
View:
Yes
Virtual Tour:
Yes
Active
#10 of 290
