FHA 203K Home Improvement Loan

In today’s economy many people are losing their  job or are afraid of losing their job. As a result many home upgrades and repairs are being neglected, or a homeowner is forced out of their home through short sale or foreclosure, they trash it and take valuable items inside the home before they leave. The FHA 203K program allows you to finance the home and the cost of improvements all in one. This loan is like the regular FHA loan, it only requires 3.5% down.

Since a regular FHA loan has so many requirements and restrictions this is a great option if the home you want to purchase needs some TLC.

Below is a list of things the 203K program will allot money for.

¨     Minor Repairs:  Paint, Carpet, Flooring, Appliances (Including Washers, Dryers & Refrigerators)

¨     Major Repairs:  Heating, Electrical, Air Conditioning, Plumbing Systems.  New Roof, New Window, Doors, Foundation.

¨     Remodels:  Kitchen Remodel, Bathroom Remodel

¨     Add-On’s:  Bedrooms, Bathrooms, Family Rooms, Dining Rooms, New Garage.  Extra Units.

¨     Landscaping:  New Fencing, Driveways, Walkways, Irrigation Systems (sprinklers), Repair of existing Swimming Pool.

¨     Certifications: Termite Clearance, Well & Septic Certifications, Roof Certifications

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