FHA 203K Renovation Loans Atlanta Georgia Rapidly Becoming Top Choice of First time Home Buyers

By
Mortgage and Lending with Anchor Funding Corporation

FHA 203K Renovation Loans Rapidly Becoming Top Choice of First time Home Buyers in Atlanta Georgia

Are you in the market to buy a home?  Perhaps it is you are a first time home buyer?

Are you looking for a Fixer-Upper?

Fha 203K Rehab Loan Atlanta GA Joe Trovato

Than an FHA 203K Renovation Loan may be right for you.

The stage is set for renovation loans to become a bigger part of housing. Fixer-Upper homes are an increasing percentage of home inventories and will most likely continue to grow. 

So get ready to embrace one of the most dynamic loan programs available in Today’s market.

FHA 203K Rehab loan Offers a solution that helps home buyers obtain financing that covers both the acquisition and rehabilitation of the property.

Here is an EXAMPLE:

Let’s say you are able to save the minimum down payment of 3.5%.  However the homes in your price range in the neighborhoods you desire to live in need to be remodeled.  Where will you get the cash for the renovations?

 Or, you have saved enough for the down payment and the renovation cost, however the lender will not give you a loan on a home without toilets, or HVAC system.  Now what do you do?

As is Sales price $115,000

Cost of renovation $20,000

Total Purchase and Improvements $135,000

Required minimum Down payment 3.5% of $135,000  = $4,725

Max Loan amount is 96.5% of $135,000 = 130,275*(base loan before PMI)

  Eligible Improvements:

  • Modernization and improvements to the homes function (New Kitch203K Renovation Loan Atlanta GA Joe Trovato Rehab first flooren /Bath, Appliances / HVAC, water heater)
  • Elimination of health and safety hazards (Mold, Lead Paint)
  • Changes that improve appearance and eliminate obsolescence.
  • Electrical wiring and fixtures
  • Plumbing
  • Adding or replacing roofing, gutters, and downspouts
  • Adding or replacing floors and/or floor treatmentsFoundation Design Renovated Kitchen Atlanta GA 203K Joe Trovato
  • Enhancing accessibility for a disabled person
  • Making energy conservation improvements
  • Additions: Bathrooms, Garage. Sunroom
  • Major Landscape improvements

Getting Approved:

All standard FHA approval guidelines apply.  So if you are FHA loan Approved you are also Renovation Loan Approved.

 

Choosing the right team to close you renovation loan is essencial.

 We are with you each step of the way

Closing in 39days or less

 We package the entire process making it smooth and seamless

Please feel free to contact me directly, JTrovato@AnchorFundingCorp.com

Apply on line at www.JoeTrovato.com  

Look for coming posts on FHA 203K Loans

 

Comments (4)

Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

Good morning Joe,

Welcome to AR!  Indeed 203k and 203b are becoming more popular for buyers looking to finance.  Best of success to you!

Jan 10, 2012 02:42 AM
Joe Trovato
Anchor Funding Corporation - Atlanta, GA

Hi Jordon,  Thank you for the warm welcome. AS the first time home buyers continue to enter the market I beleive that FHA 203K and B loans will become more in demand.

 

 

Jan 10, 2012 03:07 AM
Ken's Home Team LLC. | 360.609.0226 | Portland, OR & Vancouver, WA Real Estate Team
Ken's Home Team LLC. - Vancouver, WA
- SOLD IS OUR FAVORITE 4 LETTER WORD -

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Jan 16, 2012 04:11 AM
Anonymous
Louise

Great information Joe. Not all lenders do the 203k loan, so it's good to have you as a resource.

Jan 18, 2012 05:10 AM
#4