FHA 203K Rehab Loan- Scenario- Adding Square Footage

By
Mortgage and Lending with AnnieMac Home Mortgage NMLS #38670

FHA 203K loans are great for borrowers who are looking to refinance and also for purchases.  I wanted to use this blog, and the next few posts,  to show you examples of how you can use the fixer upper loan for certain situations. 

A customer of mine who has owned her home for the last 4 years decided to contact me about adding on some square footage.  See in her community there are many homes that have 2 levels and the average square footage was around 2,000 square feet.  When she came to me her home had 1,050 sq ft and only one bathroom.  She asked me for a solution and I explained to her how a FHA 203K rehab loan worked and how it could benefit her and her daughter.  Using this type of loan we were able to have a contractor put a bid in for $38,000 to double the square footage of her home and add on an additional bathroom.  She only had a rancher and now her home has a second floor and its has increased the value by almost $75,000. 

Yep, its amazing- by doubling the size of her home, adding on a bathroom, giving her a great interest rate and doing it all with a one close mortgage my borrower was able to transform her property and her way of life.  Its all becuase of the FHA 203K Rehab loan.  Email or call me to discuss how this FHA loan can help you to do the same. 

 

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Bill Ladewig 11/09/2009 08:20 PM
Topic:
ActiveRain Community
Tags:
fha refinance
fha purchase
fha 203k rehab loan
adding square footage
adding a bathroom

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
776,182
Bill Ladewig
Escondido, CA
Experience Is Your Advantage

Jeff, great point.  Agents and loan officers who market the 203k raise themselves above the herd of order takers.

This is definitely worth a reblog.

Nov 09, 2009 08:16 PM #1
Rainer
33,382
Jeff Onofrio
AnnieMac Home Mortgage - Mount Laurel Township, NJ
FHA 203k Lender and Homestyle Reno Specialist

Thank you Bill.  I agree.  I taught myself and have made this my niche, it helps to seperate myself from the pack and really gives my customers, realtors and other referral partners something extra that others do not offer.  I appreciate the feedback

Nov 09, 2009 08:27 PM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
33,382

Jeff Onofrio

FHA 203k Lender and Homestyle Reno Specialist
Ask me a question
*
*
*
*
Spam prevention

Additional Information