FHA 203K Home Loan To Buy & Fix Up Grantsville UT House

By
Real Estate Agent with Group 1 Real Estate
2017-11-02 11:16:57
Get one Home Loan To Buy & Fix Up Grantsville Utah House FHA 203K

Get A 203K home LoanMore people in Tooele County looking for money to get one home loan to buy & fix up a Grantsville Utah house. FHA 203K can be the answer.

With so few saleable listings available in Grantsville, many home buyers are looking at previously owned homes as an alternative.

The problems are:

  • Used houses look like they are used homes.
  • After the down payment and closing costs, little cash is left to replace and freshen up the new purchase.

So it stands to reason that a home mortgage that allows you to borrow the necessary money to fix things up without getting short term high interest financing is worth looking at.

FHA has such a product and this post should begin to tell you about it. It's called the 203K.

FHA 203k Loan Information

Grantsville Utah FHA 203k Mortgage Facts

FHA 203k is a financing program provided by the department of Housing and Urban Development (HUD) for properties needing rehabilitation. The program enables individuals to purchase a home with the cost of renovations included. Ordinary home loans mandate that homes have certain things in working order. FHA 203k is a resourceful option for short sale or foreclosed homes that may not qualify for other mortgage programs. The program is a crucial resource for extending home ownership, improving neighborhoods, and for making properties safer for those who reside in them. Grantsville Utah FHA 203k mortgage facts (funds for renovations, renovations eligible, and advice on buying Grantsville Utah homes using FHA 203k ) is included in this article.

Funds For Renovations

The amount of approved renovations is restricted by the version of 203(k) loan and regional limits. There may also be minimum loan amounts. All figures must be documented by quotes from professional contractors. Additionally, the property must appraise for the total amount of the loan, which includes the purchase price of the residence and the amount of the estimated work, so the borrower is basically rolling in the cost of repairs into the home loan. When the property and mortgage closes, the repair money may be put into an escrow account and disbursed at different stages. Work should be done by licensed companies and with needed permits. In some cases, home buyers can complete some of the work on their own. Inspections may be initiated by HUD to ensure compliance. The buyer must plan to live in the property as a permanent residence. Multi-family and condominiums are allowed but with certain guidelines (projects used solely for investment do not qualify for the most part). Below are more Grantsville Utah FHA 203k mortgage facts

FHA 203k Renovations Eligible

Knowing what are renovations eligible is advised. FHA 203k rehab funds can be applied to many different repairs. Examples are heating systems, central air, insulation, roofs, doors and windows, and even appliances. Work under certain categories have strict guidelines for energy use and quality. A few cosmetic-type items such as painting and flooring can also be permitted. These are simply some examples. The complete list may be retrieved from HUD or from a local FHA 203k authorized lender. Always obtain an up-to-date list as the restrictions will change.

Buying Grantsville Utah Homes Using FHA 203k

Be sure to review the program and options. Look into a pre-approval prior to making an offer on a home that would need this type of financing. Local lenders that offer standard FHA loans are not automatically able to offer 203k mortgages. Terms and other factors typically vary from regular FHA and conventional options. Consult with a knowledgeable advisor regarding this program and compare it to other alternatives currently available.

Grantsville Utah FHA 203k Mortgage Facts Disclaimer

The above Grantsville Utah FHA 203k mortgage facts relating to funds for renovations, renovations eligible, and buying Grantsville Utah homes using FHA 203k is meant to be a general introduction. It does not detail all 203k details and is subject to change without notice. Refer to the HUD Website for additional details.

I'm not the only one high on the concept of fighting the low inventory problem with a creative loan product that allows immediate cash for home buyers to buy previously owned property and fix it up without taking out another loan.

Here are some comments by other professionals with their opinions.

Learn About FHA 203k Improvement Loans

  • Jul 3, 2017 ... An FHA 203k loan allows you to borrow money, using only one loan, for both home improvement and a home purchase. These loans can also ...

  • FHA 203k loans are backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it.

  • Do you want to get a loan to buy a fixer-upper, and get cash to make repairs? That's exactly what the FHA 203k Loan Program can do for you. In this article we  ...

  •  Now you have it!
  • We hope a solution for the lack of a great selection of homes on the market.
  • Now you have a tool that will let you consider all of the homes in Grantsville Utah with the idea that with one loan you can take someone Else's used house and create your new home.
  • Have more questions? Need more help?
  • Call us.

 Berna or Chris Sloan 435-840-5029. Lets talk about how to get one loan to buy & fix up Grantsville Utah house, FHA203K.

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Chris and Berna Sloan

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