Contact Us: Sell My House Fast in Kentucky

Call Us: (270) 883-2723

Address: 3577 Cemetery Rd. Bowling Green KY. 42103

Email:[email protected]
Phone: (270) 883-2723
Office Address: 3577 Cemetery Rd. Bowling Green KY. 42103

Consider This Loan to Buy Your Fixer Upper| 203k Rehab Loan

fha 203k loan-I’ve been in the real estate business for over 20 years as a broker who specializes in listing foreclosure properties.

As you might guess, most of these types of properties are usually scooped up by investors who pay in cash. But there are also buyers who want to be owner-occupants but know they do not have the extra cash to be able to get the repairs done they would like to do.

In a nutshell, the qualifications for these loans are nice for first-time homebuyers because the credit score and down payment requirements are lower than for most conventional loans. If you have a credit score higher than 580 , you can finance up to 96.5% of the purchase and renovation.

Obviously, doing the quick math on this means you only have to do a 3.5% down payment. Now, if your credit score is in between 500 and 579 , your down payment would have to be at least 10%.

There are two types of 203 (k) loans, and I will touch on a few of the highlights of each:

The first is the Limited 203 (k), loan, which allows up to $35,000 in financing for non-structural repairs and upgrades. The good news is there is no minimum amount you must borrow. The money can be used toward property repairs or to prepare the home for sale. The bad news is, as everyone knows with inflation these days, $35k will not allow you to be able to do a major renovation, unfortunately.

The second type of 203 (k) is the Standard loan. A wider range of remodeling options is possible with this loan, including structural repairs. It does require a minimum loan of $5,000 for repairs and it also uses a 203(k) consultant who will work with the lender and borrower. There is no specific dollar limit on the loan, but the combined home purchase and renovation loan cannot exceed the FHA mortgage limit for your area.

If you are interested in a 203 (k) loan, your first step will be to find a lender who offers one, which we can help you do. Keep in mind not every lender offers FHA loans, or, if it does, the lender might not provide the 203 (k) option.

After finding your lender, your first step will be to review what needs to be renovated on the house and determine the size of the loan and scope of the project.

The type of work that could be done with a 203(k) loan includes:

Addressing health and safety issues Putting on a new roof, gutters, and downspouts, or adding to them Replacing floors Making structural changes or reconstructing parts of the house Allowing for better access for a person with a disability Improving energy conservation Landscape work as well as home modernization and appearance improvements

Once you have the scope of repairs in writing, the lender will hire an FHA-approved appraiser who will usually do an appraisal for the current value and a value after the repairs are done. Again, your lender will give you the specifics on this and answer any other questions regarding the loan process. When the value is set, the money for the renovations is put in a custodial bank account in the borrower’s name and disbursements are made to the contractors as the work is done and inspected.

The 203 (k) is a good idea in that it allows you to get the repairs done up front before or during your move-in and it removes the temptation of maybe using your credit cards and paying those sky-high interest charges.

If this is something that interests you and you would like to learn more, simply direct message me or text or call me at 270-883-2723

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Any Questions?

Our sole purpose is to figure out how we can help folks like yourself and make sure it’s a win/win for everyone.

You may wonder about:

1. Our background and who we are.

2. How exactly we make you a cash offer for your home.

3. The different categories of folks we can help.

Whatever else you can think of.

Call us at the number above or fill out the form below.

Our goal is to call you back the same day and give you an answer within 24 hours.

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Frequently Asked Questions

01.

Do you close with cash?

You may not be given a brown paper bag filled with money by companies that buy houses for cash; instead, they offer a variety of other payment methods that are equally convenient and secure. Depending on your choice, the company either sends you a bank check at closing or wires funds to a designated account through the title company at recording time.

02.

Who do you typically work with?

We purchase homes from people of all kinds, including:

*Before Foreclosure Due to Late Payment of Mortgage

*Post Divorce Property settlements

*An inheritance that needs to be sold quickly

*Property owners who don’t have the time or money for frequent repairs of their property

*Fire Damage caused to property

*Mold infested property Abandoned or Vacant Lot

03.

What if My Property Needs a Lot of Repairs?

Not a problem. Here’s why: USA House Partners is an experienced home buyer, meaning we will buy properties that need work, even if they have significant repairs. We understand that some homes just can’t be sold traditionally. Many of these properties don’t qualify for traditional financing—so if you can’t find a buyer through conventional channels, you can count on us to take it off your hands.

04.

Do you really mean “As Is”?

Yes, we really do mean “As Is.” Don’t do any cleaning. Don’t do any repairs. Take what you want. Leave what you don’t want. We’ll take care of the rest. Remember, we buy properties for cash and renovate them for a living. We look at the potential a house has, not at the “as is” condition.

05.

Why Should I Consider Working With USA House Partners?

We were established to create win-win solutions for our home buyers. We offer our sellers a greater return than our competition. Moreover, we can structure a purchase in a variety of ways. You will decide the best option for you based on your circumstances.

06.

How do you determine the price to offer for my house?

Great question, and we’re an open book. Our process is very straightforward. We look at the location of the property, what repairs are needed, the current condition of the property, and the value of comparable houses sold in the area recently. Using this information, we come up with a fair price that works for us and works for you, too.

Our Clients Saying

Greg Raymer met our every need and was very professional. We were anxious to close, and he made that happen! Would definitely recommend him.

John Loid

Connor was fantastic! We were first time home buyers and he answered all of our questions, provided great recommendations, and made the overall process very easy for us!

Micah M

Mr. Greg Raymer Was very fast in responding to my phone calls and emails very prompt in turning in my offer and very prompt in letting me know the response very honest went above and beyond to help me every step of the way highly recommend..