Are you looking to update your Kitchen or maybe replace your roof? Or replace your AC unit? Do you need a new Septic system? Maybe you need all new appliances? A FHA 203k loan can help you with this. A FHA 203k loan allows you to finance these repairs and improvements into your mortgage. Here is a list of just some of the items that can be financed by a FHA 203k mortgage:
•· Repair or Replace your Roof
•· Repair or Replace your HVAC system, ex AC unit(s)
•· Remodel your Kitchen
•· Replace your Appliances
•· Repair or Replace your Plumbing and Electrical systems
•· Replace your Flooring, ex, Carpet, tile, wood floors
•· Painting of the exterior and/or interior of your home
•· Replace, Repair or Add a deck, patio or porches
•· Replace your Windows, Doors and Siding
•· Repair or Replace your Septic System
•· Etc
The best part is your can even finance more then one of these improvements. So you could upgrade your Kitchen and get new windows at the same time. The most you can finance is $35,000 in improvements/repairs and the minimum is $5,000. You must live in your home and have equity in your home. This means your new loan is based on your current mortgage balance, fees and cost of improvements. So as an example: you owe $100,000 on your mortgage balance now, plus your want $35k in improvements. The total must be less then 96.5% of what your home is worth. This means your home must be worth at least $140,000 for this example.
With rates as low as they are now is the time to finance the repairs and improvements you would to do to your home. This is not considered the same as a Cashout loan or Home Equity Loan. If you have been turned down for a Cashout loan in the past due to not having enough equity in your home, you could be approved for this loan. Call me today so that we can go over this great program together.
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