Home buyers have quite a few choices when it comes to mortgage loan options. One of the most versatile and helpful on that list is the FHA 203k home improvement loan. No, this is not related to 401k retirement plans. It's a mortgage that allows the borrower to roll the cost of repairs, remodeling, renovations and other home improvements into one single mortgage. Let's take a closer look at this home buying option.The FHA 203k is one of the most popular and diverse home improvement loans out there today. It's great for first time home buyers, upgrade buyers or even step-down buyers (if you're looking to downsize your empty nest for a retirement cottage). With this mortgage loan option, you can remodel the house you want or the home you already own with a refinance mortgage.
The possibilities are pretty wide. You can use the funds for simple upgrades to your home like a kitchen or bath improvement. Or if you need to, you could completely reconstruct a home that is currently unlivable. You can even use the FHA 203k to tear down an existing structure and build a new one. You just need to use some portion of the existing foundation.
You can borrow up to 96.5% of the appraised value - based on the value when the improvements or repairs are completed.
With the FHA 203k you can:
- Replace or repair a roof
- Re-side the home
- Re-paint the inside and outside of the house
- Replace old or missing appliances
- Put in new flooring
- Build or replace a deck/patio/porch
- Check out other FHA 203k projects
Watch the video below for a 60 mortgage tip on buying a fixer upper with the FHA 203k and what that means for home buyers.
See the video here - Buying a Fixer Upper with FHA 203k: 60 Second Mortgage Tip
Most mortgage financing plans provide only permanent financing. In other words the lender won't close the loan unless the condition and value of the property provide adequate loan security. When rehabilitation is involved, this means that a lender typically requires the improvements to be finished before a long
Read More Here...
Source: http://www.203kforum.com/showthread.php/1884-What-is-the-FHA-203k-Mortgage-Loan-Option
Alan Turing brave Stephanie Rice Meet the Pyro Karen Klein jerry sandusky Colorado fires
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.