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Tag: 203K

How Can I Use a FHA 203k Renovation Loan?

In a recent article I showed you how quick and easy the FHA 203K Loan process was and how it can benefit you and your family in their search for the perfect home. We talked about how you can purchase or refinance and get the money to buy or to pay off your current mortgage alongl with an escrow account for repairs all in one simple loan process at great FHA rates. Now I want to outline some of the common and not so common uses of FHA 203K Loans; from making a property handicapped-accessible to waterproofing a home to simply upgrading appiances in poor condition, the FHA 203K loan program gets the job done. So, how can you use the program?

1. New Freestanding Appliances

2. Complete Bathroom Remodel

3. Adding a New Master Bathroom

4. Upgrading Heating & Cooling Systems

5. Well & Septic

6. New Hardiplank Siding… Read More

203K Loans – How They Work For Your Home Remodel

203k Loans for your home remodeling project

Over the years it has been more difficult to get a loan for an extensive remodel. Through this loan we have been able to get clients the money they need for the addition, bathroom remodel, kitchen remodel, or whole house remodel they have been dreaming of doing. Although there are a few things that make this loan a few more steps for us contractors then a conventional house mortgage we have worked through them making this a smooth process between you(customer), your contractor, the bank, and the consultant.

What is an FHA 203k Loan?

The FHA 203k renovation loan program provides funds for both the purchase and renovation of a home packaged into one mortgage loan. Once the purchase of the home is closed, renovation funds are held in escrow to pay for per-determined renovation work done by approved renovation contractors.

The purchase … Read More

Renovation Loans: FHA 203(K), Fannie’s Homestyle Renovation Mortgage and Conventional Rehab Loans

With a plethora of homes still sold as short sales and foreclosures, renovation loans are increasingly popular with homebuyers. Many family dwellings are being redesigned for additional family members these days. As rental housing costs rise, families decide to live together and save money. There are multiple situations that could apply: boomerang children, aging parents, or divorced with grandchildren – the family home is in need of expansion or renovation to ensure everyone fits comfortably.

Rehab loans such as the FHA 203(k) program or the Fannie Mae HomeStyle Renovation Mortgage are the perfect answer for some first time homebuyers, too. If the borrower qualifies for the 203(k) program, the buyer can borrow based on what the house is expected to be worth after the home rehab is completed.

I will summarize some common home renovation loans available to consumers and some of the requirements for each. Interest rates are subject … Read More