Found a Diamond in the Rough? Finance Your Home Purchase and Renovation Costs in an FHA 203k Loan

Are you a fan of Property Brothers on HGTV?  They’re the guys who help homebuyers turn dilapidated houses into dream homes.  Well, it’s probably the only show my husband and I agree on, so we watch a lot of it.  (He’s not so into The Bachelor, and I’m not so into WWE.)

Until I became a loan officer, I always wondered how the financing behind the project worked.  Now I think I have a good idea:  It’s called an FHA 203k loan.  An FHA 203k loan allows you to purchase a home and finance the costs of renovations into one loan.  Read all about the program here on HUD’s website.

Here are the three main reasons why a borrower might opt for a 203k loan:

  1. The home the borrower wishes to purchase is being sold “as-is” and it has health or safety related issues that FHA will require to…

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Oregon Real Estate: Getting Better

Willamette Valley Homes & Real Estate

It may be the name of a Beatles tune, but that also now describes real estate in some key areas of our state. If you prefer gardening to music, Portland metro housing is summarized with a springlike opening sentence in the following report: Portland’s real estate activity continues to blossom.

Most astonishing, Portland area home inventory as calculated in months has dropped from 4.5 to 3.2 in the past thirty days.  Given current demand, this means greater Portland would run out of homes in 3.2 months. With this kind of increased competition among buyers for housing, real estate prices are likely to continue their rise. Independent media reports also confirm increased housing pressure, including this recent article on area real estate in the Oregonian newspaper.

Salem Area Also Improves
Housing around greater Salem is also getting better, but less evenly. Home prices are up throughout Marion and…

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