While looking for a home have any of the below scenarios happened to you?
- You love the location of a home but it doesn't have an open concept.
- You want to just move right in and not have to change the carpet or update the kitchen.
- You were really hoping for stainless steel appliances and a kitchen island.
- You really wanted a full bath on the main floor.
- You really didn't want a pool.
- You would love a fixer upper but need direction.
These are just some of the situations when a 203k Renovation Loan would be perfect for you! Whether you just want new carpet or flooring to a complete house makeover, the 203k loan can apply. If the property needs $35,000 or less of renovations you would want to apply for a Streamline Loan. For larger renovations that require more than $35,000 you would apply for 203k Full Renovation Loan. Many buyers are looking into this program especially since the costs of renovations are rolled into your mortgage payments. Being able to do this gives buyers the ability to create their dream home that otherwise wouldn't be possible with a regular FHA or conventional loan.
When applying for a FHA 203k Renovation Loan there are some requirements of the buyer and process so you want to make sure you are working with a 203k specialist. For example, the work has to be done by a licensed consultant and must be finished within the first six months. Also, the loan amount will depend on the proposed appraised value. In essence, you're getting a loan based on the future value of your home after repairs have been completed.
If you are interested in the possibility of a renovation loan, message The York Team for a great 203k specialist referral. Let us help you create your dream home!
You can look up additional information on the FHA 203k Renovation Loan on the link below: