LAKE OSWEGO, Oregon – The real estate market is red-hot in Portland and it isn’t expected to cool down anytime soon. Agents aren’t waiting for listings any longer. They’re actually cold-calling residents to see who has a home up for sale.

The U.S. housing market is also seeing the trend. According to the Center for Economic and Policy Research, U.S. home prices jumped almost 11 percent from last year, which makes it the biggest gain since the height of the real estate boom in 2006.

However, if buyers want to have an edge in this competitive market, they may want to consider one thing: the FHA 203k loan. These loans can get you a great property at a better rate.

WHAT’S FHA 203K

The Federal Housing Administration, a government agency, offers FHA 203k loans. Essentially, the government created these loans to encourage lenders to fund seemingly risky home purchases. Goals of neighborhood revitalization and greater homeownership opportunities also drove the creation of this loan. So in short, this loan is make just for houses that are significantly need rehabilitation.

“Well, first of all, it allows almost any FHA qualified family to purchase a home and finance the cost of any needed repairs, wanted upgrades or to finance the renovation of their current home using one mortgage,” says Academy Mortgage Corporation sales manager and senior loan officer Kahren Oxner. “Whether you’re replacing the roof and all of the flooring or doing a massive structural overhaul, this product might just fit the bill.”

WHAT HOMES QUALIFY

There are two types of FHA 203k loans – regular and streamlined. Houses that quality include:

- Tear-downs
- Existing construction that’s a year old
- Single-family, two-family, three-family or four-family dwellings
- Condos
- Mixed-use properties
- Homes needing to move to rest on a new foundation.

WHY YOU’LL WANT IT

When you’re looking at a historic property or just a home that recently lacked a little TLC, the FHA loan can help you revive the property – to the exact condition you like. If you buy the home in “as is” condition, you can then start the repair process with the contractor you like.

“This is critical for bank owned homes or other properties that are in disrepair where the seller is unwilling or unable to take care of the required repairs prior to closing,” Oxner says. “Without the use of the 203k Renovation Loan, these homes will sit on the market for weeks or months and continue to deteriorate while the listing agent waits for that perfect cash buyer.”

If you’re looking to buy a home, the FHA 203k program may be the perfect option for you. It’s a hidden gem of a deal, and by educating yourself about the process, aligning yourself with the right professionals and trusting the program, you could be moving into a completely remodeled and modernized home before you know it.

As a Sales Manager and Senior Loan Officer with Academy Mortgage, Kahren prides herself on exceeding her customer’s expectations at every stage of the process, from a complimentary pre-approval through an on-time closing. With Academy Mortgage being the No. 1 private purchase lender, Kahren has access to some of the best loan programs in the country as well as an experienced support team beside her that is focused solely on making your home financing experience a pleasant one.

Integrity and honesty are the foundation for our business and we strive to exceed your expectations on every level. Karen has been helping people purchase and refinance homes for over 12 years and she is licensed to conduct mortgage originations in Washington, Oregon and California. Kahren feels fortunate to have wonderful clients in all of these areas. She’s dedicated to being a trusted resource for all of her clients and referral partners. Kahren’s goal is to be your trusted mortgage advisor for life.

Kahren Oxner
Academy Mortgage Corporation
3 Centerpointe Drive Suite 290
Lake Oswego, Oregon 97035
www.KahrenOxner.com

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