"Sparkling Service, Old Values, Brilliant Results."

National Advantage Real Estate Service

328 E. Lincoln Highway (Rt. 30)

New Lenox, IL 60451

(815) 485-0304 

Eleanor Nastepniak

Eleanor@nastepniak.com

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Property Inspection Services

 

 
 

 

 

 

HUD 203(k) Program

 

Some of the best home values are bank-owned properties that need repairs. The Housing and Urban Development's (HUD) 203(k) program allows home buyers to save money by including rehabilitation construction costs in their standard FHA home loan.

 

Eligible properties for the 203(k) program include single detached homes, multi-tenant properties, mixed use properties and condos. Simple rehabbing, such as painting, new flooring, new fixtures and appliances, ranging between $5,000 and $35,000, apply under FHA’s Streamlined 203(k) program. Rehab costs exceeding $35,000 for extensive rehabbing, such as structural modifications, are processed in the standard 203(k) program, which requires a contingency reserve starting at 10 percent, a consultant and inspection draws.

 

National Property Inspections (NPI) can assist agents, buyers and lenders in the HUD 203(k) process. Bob Valan, with National Property Inspections, is a qualified HUD 203(k) consultant. NPI works with the buyer, contractor and lender to manage the construction loan process.

 

The HUD 203(k) program is ideal for first-time and owner-occupied buyers interested in buying bank-owned properties. This program is not available to investors at this time.

 

You can inform your buyers and the lenders you work with that NPI is your best choice for your required 203(k) consultant! As always, we appreciate your referrals.

 

 

 

 

 

 

Hello, I'm Eleanor Nastepniak of National Advantage Realty in New Lenox, Illinois. I'm committed to providing the highest level of service possible to my clients. I always try to stay educated on happenings in the market so I can provide the best professional advice and counsel. I love working with both buyers and sellers and I am dedicated to helping my clients navigate the markets smoothly and successfully.

 
 

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