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?
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:
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Modernization and improvements to the homes function (New Kitch
en /Bath, Appliances / HVAC, water heater) -
Elimination of health and safety hazards (Mold, Lead Paint)
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Changes that improve appearance and eliminate obsolescence.
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Electrical wiring and fixtures
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Plumbing
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Adding or replacing roofing, gutters, and downspouts
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Adding or replacing floors and/or floor treatments
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Enhancing accessibility for a disabled person
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Making energy conservation improvements
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Additions: Bathrooms, Garage. Sunroom
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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
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