Sunday, May 18, 2014

Skyline Boulevard 203k Projects - Why Not?

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I love it when I do a talk on the benefits of the FHA 203k or the FannieMae HomeStyle Renovation loan program and they typically get notoriety at the same talk. The fun comes when a Realtor or two tells me that the home values are just way too high for those type loans to work and our clients typcally have the ability to purchase with all cash.

This was a 203k purchase
Not on Skyline Blvd 
 It was over a million with the construction and, yes, the buyer could have paid for it all without any loan. Like most buyers with money, they like to keep their cash fluid so they placed a maximum loan amount over $500.000 on the home at just under 4% at that time and kept his bank full of cash in the process.