New Years Resolutions etc
How many of you have set some resolutions for yourself? We're three weeks into the new year, have you broken them yet?
I am focused on learning more about home mortgage options for today's buyers. Just when I thought I knew most of what the mortgage industry had to offer I was introduced to 203k and rural housing programs. I have a property for sale in Ashby, 5 beautiful acres of lightly wooded land with a two bedroom home on it. It is an estate property that has had a difficult past and a questionable septic and well. A buyer came along and was interested in purchasing the property but the only financing that the property qualified for was a rehabilitation loan, or 203K as it is commonly called.
Qualifying for a 203K: even more complicated than qualifying for a 30 year fixed program. I am not a loan originator but after weeks and weeks of working with a couple of lenders and the interested party I can tell you that just getting qualified for a 203k is a challenge! I am not going to comment on the process as I'm sure that before I get this post published the requirements will change but just as an FYI re-hab loans are not a simple solution.
Rural Housing loans? The loan originator that is working with the the interested buyer suggested a rural housing loan. Rural Housing products are applicable by community not necessarily by personal qualification. Oh yes, you have to 'qualify' to obtain a rural housing loan but so does the town that you are considering!
New Years Resolutions: I'm still learning and I am sure that I will be for a very long time! How are you doing with your resolutions?
Comments
There are currently no comments.