If you’re looking to buy a home, then you would probably agree that one of the most frustrating things about the search is that properties are less than perfect. As we all know, the perfect home doesn’t always exist. However, Mr. Renovation can show you how to create it using a renovation loan. The home might need just a bit more to make it your dream home, but most home buyers will move on to other properties rather than seeing the home for what it could be. However, you don’t have to! There is a loan that doesn’t only help you improve the home but also provides an opportunity to customize it that most people do not know about. It is called an FHA 203(K) Renovation Loan and it can take that almost perfect home and turn it into the dream home you have been searching for!
Qualifying for and Advantages of FHA 203(K) Renovation Loans
Contrary to popular belief, the program is available for both first-time home buyers and current homeowners. It is a great advantage for buyers in a very competitive real estate market. In addition, if a property can’t be appraised because of the current state it is in, this loan can turn it into an appraisable property. Therefore, you will be much more likely to have your mortgage approved. In these situations, buyers can get a great deal on a property and customize it to their liking. These additions/upgrades will most likely increase the appraised value of the home. As a result, it even builds instant equity in the property as well!
The Upgrades/Additions That Qualify Under A 203(K) Renovation Loan
- Add A Second Level
- Home Raising/Home Lifting
- Add A Deck, Patio, Sunroom, etc.
- Add Bedrooms
- Add Bathrooms
- Upgrade Flooring
- Upgrade Plumbing
- Remodel Kitchen
- Remodel Bathrooms
- Add/Upgrade Heating
- Add/Upgrade Air Conditioning
- Update Siding
- New Appliances
- And Many More!
If you’re tired of passing on properties that appear to be great opportunities, then give Mr. Renovation a call! He can guide you through the application process, discuss your specific needs, and answer any questions about the projects you have in mind.