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With an FHA 203k loan can I remodel or improve ?
Yes, Any or all of the following:
- Paint
- Repair a kitchen
- Add a deck or patio
- Insulate for greater energy efficiency
- Replace flooring ie tile, carpet, etc
- Add a bathroom, replace a bathroom
- Finish a basement
- Replace windows (for which you can get a nice energy credits well)
- Replace Appliances ie stove, furnace, water heater…energy credit
- Add central air (again energy credit here)
- And Much More
For the Florida home buyer the FHA 203K mortgage program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:
Minimal Down Payment and Closing costs.
- Down payment less than 3% of Sales Price Gifts are allowed
- Seller can credit up to 6% of sales price towards closing and prepaid costs.
- 100% Financing available
- No reserves required.
- FHA regulated closing costs.
Easier Credit Qualifying Guidelines such as:
-
- No minimum FICO score or credit score requirements.
- FHA will allow a home purchase 1 year after a Bankruptcy.
- FHA will allow a home purchase2 years after a Foreclosure.
APPLY NOW AT http://www.fhamortgagefhaloan.com/
What Can’t you do with an FHA203k mortgage loan?
- Put in a pool or an ice skating rink
- Add a Theater Room and all the equipment (you could get away with the room)
- Any other Luxury item, like gold plating the baseboards
- Putting in a yard
So what do I have to do to get one of these FHA 203k loans?
There are hoops to jump through to qualify .
- Owner/occupants only…no flipping or investors (and no you don’t have to be a 1st time homebuyer to qualify)
- The house must have been completed for at least 1 year , no new construction houses, sorry
- You will need to have 2 appraisals (one for the as-is value now and one for the projected value once the work is completed)
- You must identify the repairs and work to be done, and have a written estimate of materials and labor by a licensed contractor and an interior plan of the home.
- Repairs and addition must have the proper permits, inspections and be done to code
- And most of all…..you must be able to qualify for the finished product (cost of house + rehab money), so you can’t buy that million dollar fixer upper guys, sorry…..well unless you can afford that million dollar home.
- You must still have your 3.5% percent down payment for the entire purchase price (home + rehab money)
Do you have the vision to make the ugly duckling into a swan, then the FHA 203k loan is just what you are looking for.
Don’t forget if you are a first time homebuyer, you can have the $8000 tax credit working for you too!
http://www.FHAmortgagePrograms.com Article Source:http://www.articlesbase.com/mortgage-articles/fha-203k-mortgage-fha-203k-home-loan-1515747.html
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