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
7. Fresh Paint Inside or Out
8. Attic Build-Outs
9. Waterproofing the Basement
10. Finishing the Basement
11. Making the House Handicapped Accessible
12. Complete & Total Renovation
13. Adding a 2nd Floor
14. Adding a Bedroom
15. Moving a Historic House to New Location
16. New Deck & Outdoor Kitchen Area
17. Repairing Water Damage
18. New Hardwood Flooring or New Carpet
19. New Lighting Fixtures
20. New Windows & Doors
21. Upgrading Plumbing & Electrical Systems
22. New Fixtures for Tubs, Bathrooms and Kitchens
23. Opening Up a Floorplan
24. New Kitchen Counters
25. Vaulting Your Ceilings
26. Making Your House More Energy Efficient
27. Going Green with Solar Panels
28. Getting a Condo Ready for Your New College Student
29. Much, Much More
There are thousands of reason why people need to renovate and I couldn’t possibly list them all here. FHA allows for nearly anything you can think of so long as the value of your renovation supports the new loan amount. I am getting more and more requests to help provide financing so green conscience homeowners can add new energy efficient features, including solar panels, to their homes and save on rapidly rising energy prices. Not to mention FHA will allow your debt to income ratios to be higher if you include energy efficient improvements to your renovation. So whether your renovation idea made the list or not, it is always good to check into FHA 203K Renovation loans before you finance your next home improvement or new home purchase.