FHA 203k Makes Financing Your Home Improvements Simple
Unless you have the cash in your bank account, paying for serious home improvements can prove a bit difficult in the current housing market. With falling home values over the last 4 years or so, not many people have equity built up in their homes anymore. This lack of equity means it's not easy to get a home equity line of credit from most banks. this in turn makes it difficult for homeowners to add value to their homes through upgrades and remodeling. Sound familiar?
Fortunately, there's an option that's been around for about 30 years that you may never have heard of: FHA 203k. Chances are if you've heard of it, you've probably heard stories about how 203k loans are terrible. While it's true that they can be complex - and we've heard the horror stories about loans taking 6 months to just close - it doesn't have to be a nightmare. With a team of 203k experts working on your loan, you should see it closed in 30-45 days and the work completed in a matter of weeks or months. The 203k home improvement loan should be pretty straightforward.
The first step is finding a 203k lender to per-approve you. Talk to a mortgage consultant about this option to make sure they even offer it. Some lenders are not FHA-approved. Even those that are may not be able to handle the 203k process. Once you're pre-approved for the mortgage, then you begin to gather bids on the work.
Understanding the cost is important, too. The FHA 203k will cost about $6 a month more on your house payment for every $1,000 in home improvements you finance. For instance, a $17,000 kitchen remodel and a $3,000 window replacement project will cost about $120 a month on top of your house payment. Because the home improvements are amortized over the life of the loan and the cost is rolled into the same loan (so it's the same low interest rate) you end up with an affordable monthly payment for some great remodeling options
For a Feasibility Study of your Home Improvement Project:
Contact Fred Sweezer Sr.
Certified Home Inspector
HUD Approved Compliance Inspector T477
https://entp.hud.gov/idapp/html/insp1.cfm
1-562-234-2689
fsweezer@gmail.com
HUD/FHA 203K Consultant S712, Plan Design, Specification Writer
Feasibility Study Fee is Only $150.00.
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