FHA 203K loan

By
Real Estate Agent with Seven Gables Real Estate

In today's economy many people are losing their  job or are afraid of losing their job. As a result many home upgrades and repairs are being neglected, or a homeowner is forced out of their home through short sale or foreclosure. Disgruntled homeowners have a tenancy to trash the home and take valuable items before they leave. The FHA 203K program allows you to finance the home and the cost of improvements all in one. This loan is like the regular FHA loan, it only requires 3.5% down.

 

Since a regular FHA loan has so many requirements and restrictions this is a great option if the home you want to purchase needs some TLC.

Below is a list of things the 203K program will allot money for.

¨     Minor Repairs:  Paint, Carpet, Flooring, Appliances (Including Washers, Dryers & Refrigerators)

¨     Major Repairs:  Heating, Electrical, Air Conditioning, Plumbing Systems.  New Roof, New Window, Doors, Foundation.

¨     Remodels:  Kitchen Remodel, Bathroom Remodel

¨     Add-On’s:  Bedrooms, Bathrooms, Family Rooms, Dining Rooms, New Garage.  Extra Units.

¨     Landscaping:  New Fencing, Driveways, Walkways, Irrigation Systems (sprinklers), Repair of existing Swimming Pool.

¨     Certifications: Termite Clearance, Well & Septic Certifications, Roof Certifications

Not all Loan Officers are able to offer you the FHA 203k loan. Lenders need to have a special qualification in order to offer this program. 

 

 

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