FHA 203k Renovation Loans
Did you know that you can turn the ugliest house on the block into your dream home? For much less than the price of a turn-key, move-in-ready home, you can buy the worst house on the best block and turn it into the home of your dreams. And easily, if we might add! If you are looking to buy or refinance a home that needs a little work, consider the FHA 203k Renovation Loan; an easy way to make improvements!
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FHA 203k Renovation Loans Are Good For:
If you’re looking to do some work on your house of $5,000 or more, a 203k renovation loan is an easy way to get it done. Items that can be included in addition to the minimum $5,000 requirements are new cooking ranges, refrigerators, and other standalone appliances, painting and other cosmetic repairs, fencing, new walks and driveways, general landscape work, and much more. Other eligible repairs and improvements include roof replacement, aesthetic landscaping (when an appraiser verifies that the value increases the dollar-for-dollar cost), sidewalk/driveway repair necessary for home access, major repair of termite damage, drywall/insulation replacement, and finishing basements.
FHA 203k Renovation Loan Details
- Primary Residence Only (this program is not for investors)
- Fix Up Short Sales and Foreclosures
- Finance Up to 6 Months of Mortgage Payments
- One to four unit properties which have been completed (with a Certificate of Occupancy) for at least one year and are acceptable according to the provisions of local zoning requirements. Homes that have been demolished or razed as part of the rehabilitation process can be rehabbed as long as the existing foundation system is not affected and remains intact.
- A home can be moved onto a foundation on the mortgaged property, provided the proceeds from the sale of the previous location are not released until the foundation is properly inspected and the home is satisfactorily attached to the new foundation.
- Any property the buyer wishes to convert either from a single-family into a two-to-four family or from a two-to-four family dwelling into a single-family unit.
- A manufactured home that was built AFTER June 15th, 1976, and has been on a permanent foundation for over one year. The unit must have been delivered to the site when it was new prior to being occupied.
- Condominiums and cooperates are NOT eligible.
You don't have to worry about contractors abandoning the job. With an FHA 203k, we (as the lender) deal directly with paying your contractor and confirming that no payments are made until the work is actually done.
Secure your FHA 203k Renovation Loan At One of Our Branches
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