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
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.

Carl Ashton
Mortgage Banker

1605A Prosperity Farms Rd
Lake Park Florida 33403
Phone: 561-210-3000
Fax: 561-624-1764
[email protected]

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