Roy and Dolores Kelley Photographs & FHA 203(k) 9/25/11
FHA 203(k) Rehabilitation Financing
1. May be used for the owner occupant purchase of lender owned foreclosures or short sale pre-foreclosures that have deferred maintenance, repair or renovation needs.
2. May be use to fix up and refinance the current residence.
3. Can be used on conforming or jumbo FHA mortgage loans.
4. The cost of renovation can be included in the FHA mortgage loan.
Funding can be used for the following:
1. Structural alterations and reconstruction.
2. Kitchen or bathroom renovations or finishing a basement.
3. Major landscape work or site improvements.
4. Elimination of health and safety hazards.
Prospective home buyers that wish to use renovation financing should obtain pre-approval for mortgage financing as a preliminary step in the home purchase process. Loan officer selection is important because many do not have the needed experience.
Saturday morning, July 16, 2011, walk through Kentlands and Lakelands in Gaithersburg, Maryland. Canon PowerShot G11 camera. Photographs by Roy Kelley.
Roy and Dolores Kelley Photographs
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