FHA 203k REHAB Loans

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!

 

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