San Diego, CA (PRWEB) February 19, 2009
Some of the best house values are bank-owned properties that require repairs. The Housing and Urban Development’s (HUD) 203K program makes it possible for home buyers to save income by adding building charges to the common FHA home loan. Inspection Perfection, a San Diego firm, is well positioned to support purchasers who want to utilize the 203K system.

In the recent past, when house values skyrocketed, the 203K plan became ineffective when house values exceeded the loan limits of the program. For San Diego County in 2006 and 2007 there were no 203K loans processed.

For 2009 in San Diego County, the FHA loan limit is $ 546,250. Many bank-owned properties with the added repair expenses are inside this limit.

The 203K plan is broad in the scope of operate and eligible properties. Eligible properties are single detached residences, multi-tenant, mix-use and now condos. The construction loan begins at $ five,000. Easy rehabbing like, painting, new flooring, fixtures and appliances and the total amount below $ 35,000 must apply under the 203K Streamline.

Rehab fees over $ 35,000 or comprehensive rehabbing, like structural modifications are processed in the regular 203k plan. This calls for a contingency reserve beginning out at ten%, a consultant and inspection draws.

Will Johnson with Inspection Perfection is a certified HUD 203K consultant. “I perform with the buyer, contractor and lender to manage the construction loan process. I’m the eyes and ears for HUD,” said Will Johnson. “My 203K consulting service is swiftly expanding assisting buyers via the process.”

It is excellent for very first time and owner-occupied buyers interested in getting bank-owned properties. This program is not accessible to investors at this time.

About Inspection Perfection
Founded in 2005, Inspection Perfection gives residential residence inspections serving the complete San Diego County. For a lot more information on the 203K plan, please call (888) 552-4677 or go to them on the web at http://www.sdinspection.com.

HUD Website
For a lot more info of 203K program, please visit – http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
For a lot more info on 203K streamline, please check out – http://www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm

Media Get in touch with
Will Johnson
Inspection Perfection
Telephone: (619) 295-9455

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