Renovation Reservations? 12 Projects for the 203k Loan

Renovation Reservations? 12 Projects for the 203k Loan

Home remodeling projects can turn off a home buyer in a hurry. Imagine finding a great house in the perfect location, only to find out it needs a furnace (the last owner simply took it because the bank foreclosed on the home) and new windows (the old ones in there now let in all the cold air). Add to the list a kitchen upgrade and you're looking at a house most buyers would walk away from, despite the perfect location and potential. If you would keep looking, stop and consider this: the home buyer could pay for a professional to replace the windows, new appliances and a furnace. And the cost would be rolled right into the mortgage, making the monthly payment affordable. This option: the 203k loan.

Let's look at the cold, hard truth: no home is perfect. Even a house you design will have flaws or need an upgrade - something you forgot to put in the design. Home buyers going from house to house and finding flaws in every one is every real estate agents nightmare. Plus it's not exactly encouraging to the buyer. What if you could pay for a contractor to fix the problems for you, so you didn't have to put in the work and learn a new skill? What if you could finance home improvements like replacement windows, a new roof, a kitchen remodel or all new flooring throughout the house... adding about $6 a month to your house payment for every $1,000 you finance*.

All of this is possible with the 203k loan?from FHA. The point of this mortgage is to help home buyers finance a home that wouldn't otherwise pass an FHA inspection. However the 203k loan can also help you finance desired upgrades as well. Again, it pays for a professional to do the work so you don't have to do it. If you're a DIY home improvements kind of person, then you're on your own. But if you'd like to have a remodeling expert build your new kitchen and re-design the bathroom, then you may want to learn more about the 203k loan.

Whether it's a necessary repair or a desired home improvement, a lot of projects are eligible for FHA 203k financing. Essentially, if it's a luxury item like an in-ground pool or a tennis court, it's not covered. To dig deeper, let's look at a few projects you could finance.

1. replacement windows
2. sill plate replacement
3. kitchen remodeling
4. new carpet, tile or laminate flooring
5. roof repair or replacement
6. basement waterproofing
7. interior/exterior paint
8. new siding
9. driveway repair
10. septic system repair/replacement
11. lead based paint abatement
12. disability access

As you can see, there's a lot you can finance in a home with the 203k loan. In fact, when a home buyer like yourself says, "I'd make an offer on this house but..." you know you're in 203k territory. That's why we call it the But Loan at AmeriFirst. It's catchy and memorable, but it's also the perfect description. Almost anything that comes after that "but" is something the 203k loan can help you finance.

Learn more about the 203k loan with our free eBook. Download "The FHA 203k Survival Guide" at the button below. The guide covers everything from mortgage pre-approval to bids to draws and moving into the newly renovated home.

*For example: a $20,000 home improvement project would add about $120 to your monthly house payment.

Source: http://blog.amerifirst.com/amerifirst-blog/bid/92290/Renovation-Reservations-12-Projects-for-the-203k-Loan

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