I received a call on a property the other day wanting to know if a retaining wall could be replaced with the FHA 203k loan program... absolutely. Keep your ears open and remember that you can even create handicap access, ramps, wider doors, bigger shower stalls, whatever it takes. improvements to the structure is no problem.
These and many more repairs are within the scope of work for the 203k loan guarantee program. Columbia SC is ripe for the 203k as it has many older homes that required some updating to a lot of updating. The Limited 203k can accommodate minor repairs and as few as you need. In other words you can choose the repairs and if all you want to do is replace the carpeting, that is within it's capacity. You could even update a bathroom or kitchen on an FHA Limited 203k loan. In 2005 when the Limited 203k was made available it was to make sure we had the minor repair ability and it is doing a great job. I would still recommend you use a 203k Consultant for the paperwork and the coordination of a k loan as we can make them run smoothly. A 203k consultant isn't required for a Limited 203k product but that word "required" should catch your eye. There was a time when seat belts weren't "required" but it was still a good idea to use them.
The 203k Consultant is also a home inspector and many of our clients suggest that your home inspector be versed in the 203k so we can tell you if it is actually a Limited 203k or it has structural issues that force it to a Full 203k.