FHA 203K
For homeowners that would like to purchase and remodel, we have the perfect solution.
Our FHA 203K loan program can finance the purchase and repairs in one loan with just a 3.5% down payment from the buyer. This allows the buyer a powerful option when looking at houses on the market.
Some properties on the market will not pass appraisal due to the condition of the property. These listings sit on the market longer since they only appeal to the “cash offer” crowd. This means that the asking price is usually lower than it’s neighboring properties. For buyers that take advantage of our 203k, they can buy the property and finance the repairs that it needs. Most of the time, the purchase price and cost of repairs is less than the other houses on the market! So not only has the client saved money, but was able to put their own “personal touch” on their home from the start!
The minimum amount we can finance for repairs is $5,000. Eligible improvements include: kitchen and bath remodels, additions, patios, decks, terraces, roofing, landscaping, energy efficiency, electrical upgrades, air conditioning, handicapped accessibility, stucco, flooring, and many more!
Ineligible improvements include: swimming pools, hot tubs, tennis courts, barbecue pits, saunas, and a few others that are considered “luxury items”.
Here’s a video explaining the benefits:
Matthew Cady