Perfect Home Loan For Salt Lake Foreclosures & Pre-Foreclosed Homes!
This is about what may be the perfect home Loan For Salt Lake Foreclosures & Pre-Foreclosed Homes.
If you have spent any time on this blog, you know that we mention the FHA 203(K) loan a lot and have tried to explain why it's something you should have in your tool kit when looking at homes to buy in Salt Lake City.
The reason is, we also have some good tools on our website to search distressed properties. IE: Foreclosures, Pre-Foreclosures, HUD Homes, REOs, Short Sales, and Bank Owned Homes.
Follow me on this!!
We think if you use our website to search for Salt Lake homes for Sale, chances are you will find a distressed property
More often than not, a home awaiting foreclosure has suffered some neglect. When payments became difficult to make, because money is tight, repairs really are sent to the back burner.
Since most of the no money down home loans are gone, we find many situations where after a small down payment, closing costs and PMI fees, the new home buyer doesn't have the cash to make the new home livable on day one.
Some of the things that need to be done, might be cosmetic, some for convenience, some, are necessary. Whatever they are they cost cash money.
That's why the perfect Home Loan For Salt Lake Foreclosures & Pre-Foreclosed Homes would be one that included the option of including the cost of a paint job or a water heater, or re doing the roof, or patching the tile in the home mortgage.
It's out there ! It's called the FHA 203(k) Home Loan, and it's designed to help Salt Lake Home buyers solve this problem.
This article I came across the other day by Ken Cook from Georgia explains the loan far better than I have been able to. Enjoy !!!
So you or your client have found a home in a great area in the client's price range. Only one problem: it's in bad shape. The HVAC system is 50 years old, the roof is 40 years old and the windows may as well not even be closed. Plus the kitchen has vinyl floors in 3 different patterns and the counters are all laminate with burns and holes and scars.
Not to fear! Meet the FHA 203K Streamlined renovation loan. ( read the entire Ken Cook article).
For other tips on Mortgages, home loans, financing and re-financing, stop by our web site at Real Estate Info and see what more professionals have to say.
You can search the MLS for Foreclosures and pre foreclosures, as well as HUD Homes, short sales, REOs and Bank Owned Homes on our Search for Homes in SLC, and find almost 2,000 homes and condominiums for sale Salt Lake and other cities in Utah.
Or just call us @ 801-567-0946 and talk to us about the perfect Home Loan For Salt Lake Foreclosures And Pre-Foreclosed Homes.