We Are Experts in FHA 203k Loans
FHA 203k Renovation Program (FULL and STREAMLINE) allows for a qualified owner-occupied buyer to purchase or refinance a 1-4 unit family home in “As-Is” condition.
Key Differences: The Full 203(k) is suited for larger, more complex projects requiring structural changes and professional oversight, while the Streamlined 203(k) is ideal for simpler, cosmetic repairs.
Home buyers are assisted by The FHA 203(k) Renovation Programs through the provision of a single mortgage that covers both the purchase and the renovation of a home. This program allows for necessary or desired repairs and improvements to be financed, which may otherwise be cost-prohibitive for most homebuyers and homeowners. By including renovation costs in the mortgage, the need for additional loans is eliminated, simplifying the financial process for home buyers and one low monthly payment in their mortgage. Furthermore, properties in need of repair are made more accessible, expanding the range of potential homes available. This program also contributes to the revitalization of older neighborhoods by encouraging the renovation of existing homes.
We use the “AFTER-IMPROVED VALUE” to determine the appraisal, downpayment and mortgage loan amount!
Key Steps for Homebuyers:
Contact us for an FHA 203K pre-approved loan amount prior to looking for a home.
Write a standard contract with the following items: “Buyer is using an FHA 203k Renovation Loan”, 35-45 day closing (More time may be needed for major renovations that require architectural work), loan amount “To Be Determined”, maximum seller paid closing is 6% of the sales price, Inspection period is typically 15 days to allow for the 203k inspection and bids from the licensed contractor(s).
Contact us for a HUD approved 203k consultant in your area and have a list of all the needed and desired repairs. They will inspect the property and tell you what repairs will be required and estimate the repairs for you (203k Feasibility Inspection).
Line up a licensed and insured general contractor to provide an estimate for the repairs. If you don’t have one, we can help you find a 203k approved contractor.
Loan application and appraisal are ordered after these estimates and 203k Report is completed.
The property closes in “As-Is Condition” which allows the buyer to be just as competitive as a cash investor when looking at homes that need work!
We have special insurance options for properties that need 4 point inspection repairs in Florida (roof, HVAC, Plumbing and Electric needed repairs). The buyers and homeowners get that added benefit of the discounted insurance rates which are priced based on the work being completed. Many homebuyers can afford more of a home by reducing the insurance costs of the home.
The FHA 203(k) Renovation Programs are differentiated from traditional loans by their inclusion of both the purchase price and the renovation costs in a single mortgage. Unlike traditional loans, which typically require separate financing for home improvements, the FHA 203(k) Programs streamline the process, reducing the complexity and financial burden on home buyers. The ability to finance repairs and upgrades immediately upon purchase is provided, making it easier to buy homes in need of significant work. Additionally, this program requires less stringent credit requirements and lower down payments, making it more accessible to a broader range of buyers compared to conventional financing options.
The property must be a one - four family dwelling completed for at least one year.
With the FHA 203K, your eligible improvements opportunities are endless.
There are a number of items to be completed in order to secure your 203K loan.
To get your contract approved, please follow a set of simple requirements.
Think outside the box because you can get really creative with the FHA 203K loan.
The FHA 203K Loan can be an Economic Stimulus for Your Business.
The Office of Fair Housing and Equal Opportunity is an agency within the United States Department of Housing and Urban Development. FHEO is responsible for administering and enforcing federal fair housing laws and establishing policies that make sure all Americans have equal access to the housing of their choice.
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