You’ve been searching and you’ve found a home. And you wish to purchase it because you think it would make the ideal home for you. The problem is it needs repairs and renovations. And while you may have enough for the down payment to get into the house, you don’t have the cash necessary to get the repairs done. So what do you do?
Well there’s a possible answer in the FHA 203k loan. The FHA 203k is designed for situations just as this. You can get the loan to purchase the property, or on a refinance to pay off the old loan and get a new loan. Additionally, the funds are available or you to spend on the repairs.
Items that are eligible for repairs with the FHA 203k loan would be kitchen remodeling, bathroom renovations, adding a deck, an addition, a garage, or possibly a new HVAC system.
Would you like to add a pool to your property using this program? Sorry you can’t do that.
This could be the key to getting you into your dream house, or fixing up your existing home. For more details, speak with a mortgage professional. If necessary, we can recommend a few good ones.