Homes for Sale in Stockton and the FHA 203k Loans
Are you tired of competing for homes and being frustrated by multiple offers and homes selling in one to 10 days? The 203k loan program may be you answer. Many Stockton homes for sale in the 1st time buyer’s price range are short sales and foreclosures in need of repair before the bank will loan. The 203k an FHA loan enables home buyers to buy and rehab homes for sale wrapped in one loan. This is a hybrid loan created in 1978 by the federal housing administration it’s intended for home owners that intend to live in their home. This unique and innovative program provides for funds to purchase a home and make repairs and improvements.
There are numerous homes for sale in the Stockton Real Estate Market that are in need of repair and this brings opportunities for the 1st time home buyers and those where conventional mortgages are out of reach. Many buyers in search of homes in Stockton don't have the 20 to 25% put down on a home and often have less than perfect credit scores. The good news is that with less than perfect credit and as little as 3.5% down payment you can qualify for an FHA loan.
The process for the 203k loan is a little more complicated than financing a home in good shape. You must get estimates from a licensed contractor and put together a package to submit to a lender to secure an FHA mortgage approval. This provides a lot of opportunities for the buyer and it helps revitalize our community. The process requires that you put an experienced Realtor and Lender on your team. The Hugh Lilly Real Estate Group at PMZ Real Estate can walk you through the process and direct you to the right lender and contractor. Call Hugh at 209-479-922 or e-mail him at hlilly@pmz.com .