During our last office meeting we had a group visit us to discuss the FHA 203K loan for home buyers in Santa Cruz, Monterey, and San Benito Counties. The group consisted of a team of professionals specializing in the 203K and included a 203K certified mortgage broker, 203K certified general contractor, home inspector and insurance agent. The presentation was very informative regarding the 203K loan for home buyers in Santa Cruz, San Benito, and Monterey Counties CA. The 203K is a loan product that allows homebuyers in Santa Cruz, San Benito, and Monterey Counties as well as nationwide to make an offer on a property that may not otherwise qualify for an FHA loan due to health and safety reasons. The 203K is also a great loan product for home buyers wanting to make changes or add-on without having to try for a construction loan at higher rates at a later date. A home buyer could remodel the kitchen, bathrooms, change the flooring... what ever they desire as long as they qualify for the loan amount desired and they do not exceed FHA limits which vary by county. The repairs/construction costs are bid and approved, the escrow is closed with the money for the construction left in escrow. The work needs to be completed within six months of closing. This loan product has been well thought out and even incorporates six months of living costs into the loan if the buyer can not inhabit the property during the construction.