I love that house, but …….. I’m sure you’ve heard this statement at least once or twice. I love that house, BUT the kitchen is outdated, BUT it needs another bedroom/bathroom, BUT I want a finished basement, etc. Contrary to what so many people believe about the FHA 203k loan, it is not just for repairs! This little-known program will solve any of these “buts” and more! With the exception of two ineligible repair costs, major landscaping and the installation of outdoor luxury items (pool, tennis courts), your buyer can include whatever their little heart desires into their loan. A few ideas to get your juices flowing: carpet, paint, new appliances, new kitchen, new bathrooms, new hardwood flooring, finish the basement, build an addition, build a garage, convert to handicap accessible, install security system, etc.
What Is the FHA 203k Program?
The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings. Home buyers can purchase a property and include whatever costs to make required repairs or desired updates, or to fully renovate the property, all into one simple thirty-year fixed loan. ALL work starts AFTER purchasing the property, using the money set aside by the bank.
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