203K Loans

Foreclosures, short sales and distressed properties are everywhere!   It’s definitely a buyer’s market and a fantastic deal is right around the corner.   You hear it all the time on the news   While that’s true, buying a home for $50,000 may leave you with a $30,000 repair list.

So what do you do?

Consider a FHA 203K Rehab Mortgage Loan.   The requirements are the same as a typical FHA Loan.   You can get a mortgage on a great buy and have money to complete your home improvements and repairs.

Quality Home Renovators is an experienced 203K contractor.   We can walk you through the entire process!


What is a FHA 203K Loan?

Basically it’s a home improvement loan which can be rolled into your primary FHA mortgage or can be used to refinance your existing home and make needed repairs.

There are 2 versions of this loan program:

1) The streamlined 203K loan program is for simple repairs not to exceed $35,000.   

2) The standard 203K loan program is for repairs exceeding $35,000 or any structural repairs.

 

What are the benefits of using a 203K loan program?

- Very low down payments are required

- The 203K program allows you to obtain one guaranteed mortgage loan to purchase and renovate your home

- You can add YOUR STYLE to your new home!   Why pay higher prices for a home in perfect condition when you can purchase a foreclosure, short sale or distressed property for a fantastic price and transform it into the house of YOUR dreams!

- Make your new house meet YOUR needs!   A 203K loan allows you to not only make necessary repairs but allows you to rehab according to YOUR wish list!

  Redesign an outdated bathroom!

  Transform that unworkable kitchen into a space of your dreams!

  Make your new home energy efficient in many different ways!

Why choose Quality Home Renovators, your experienced 203K contractor?

- Quality Home Renovators is an experienced 203K contracting firm with the proper credentials and experience to make this process easier.

- We understand the 203K process and can complete your project within specified deadlines.

- We’ll help in the design process too!

- We offer timely and detailed estimates that meet lender’s requirements.

- We work hand in hand with your realtor, lender and FHA consultant to make sure that all of the details are complete!

- We pride ourselves on meticulous craftsmanship and thorough communication and have a very long list of satisfied customers to prove it!

 

What are some of the repairs that qualify for the 203k loan program?

Structural alterations and reconstruction: (Repair or replacement of structural damage, chimney repair, additions to the structure, installation of additional bath(s), skylights, finished attics and/or basements, repair of termite damage and the treatment against termites)

- Elimination of health and safety hazards.

- Changes for aesthetic appeal:

- Kitchen and Bath remodels

- Flooring:   carpet, tile, wood, etc.

- Interior and exterior painting

- New windows and doors

- Weather stripping and insulation

- Decks, patios, porches

- New appliances

- Air Conditioning or replacement: (plumbing, heating, air conditioning and electrical systems).

- Roofing, Gutter Downspouts, Flooring, Tiling and/or carpeting.

- Major landscape and landscape site improvement.

- Improvements to increase accessibility for the disabled.

- Some Pool repairs too!

 

Is there a minimum?

Yes.   There is a minimum $5,000 requirement of eligible home improvement loan projects on the existing structure of the property. Minor or cosmetic repairs may be included after meeting the first $5,000 worth of repairs.

 

Please contact Quality Home Renovators, your experienced 203K contractor for details.