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Buying And Remodeling A Home
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FHA's 203k loan program may not be as well-known as "typical" FHA loans, but it can be a terrific financing tool. Basically, the 203k loan allows you to purchase and rehab a home - all with one loan - all done at the time of acquisition. The FHA 203k loan has been around for years and was designed to streamline this process.
There are some guidelines and restrictions (after all, FHA is a governmental agency...), but it can be a very effective way to finance the property acquisition and rehab costs with one low down payment. Here are some brief highlights of the FHA 203k loan program:
Only One-to-Four unit properties are eligible
The structure must have been completed for at least one year
Cooperatives are excluded
Condominiums are eligible, but only for interior rehab
Demolition of existing structure is accepted, as long as the existing foundation remains
Rehab work has to be done by an FHA Certified contractor
There are many other restrictions, regulations and procedures, but it can definitely be worth it. This loan process can take a bit longer than a traditional FHA loan, and the appraisal typically costs a bit more (they have to estimate 2 values), so you would also need to factor that in. The lender also has to be FHA approved, but the down payment can be as low as 3.5%.
Thinking about remodeling your existing home? This particular FHA loan program is only for acquisition and rehab, but there are other financing alternatives out there for remodeling projects alone. You can read more about the FHA 203k loan and review HUD's FAQ's using this link. You're also welcome to visit with one of our preferred lenders about this program and how it might benefit you.
The FHA 203k loan program is not perfect for every situation, but it can be worth checking out if you're planning to buy and rehab a property.
The author is a well Known Real estate Developer & having immense interest and knowledge in
Move to Cleveland & Job Relocation to Cleveland & much more hence also called to be as Property Guru. To know more visit on http://clevelandpropertymanagement.com/
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