FHA 203k

Construction and Rehabilitation Program

Purchase-

The FHA 203k is designed to allow buyers to purchase a home and borrow additional money to make improvements to the property. The program only requires 3.5% down of the total acquisition cost.

Example: Sales price $270,000

Improvements $33,000

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Total Acquisition $303,000

Down Payment (3.5%) $10,605

AS-IS Feature-

This program is specifically designed for today’s unique real estate market. Bank-owned, short-sale and foreclosure

properties tend to be missing appliances, a/c systems and even cabinets and fixtures. The FHA 203k is the only loan program that allows the property to close tremendous opportunity for buyers because it is like putting in a cash offer!

AS-IS. All improvements and repairs are made after closing. This creates a

Refinance-

The FHA 203k is available for refinancing of your primary residence. The program allows you to finance 100% your

improvements and closing costs into the loan.

Eligible Improvements-

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Maintenance items (Roof, Siding, Stucco, Landscaping, Driveways, Painting, Irrigation)

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Energy efficiency (HVAC, Insulation, Windows, Doors, Appliances, Solar Hot Water, Green Switch)

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Improvements (Kitchen, Countertops Baths, Flooring, Electrical, Lighting, Closet Systems)

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Additional Square Footage (Add a Bedroom, Bathroom, Family Room, Second Story, Garage)

•

Handicap Accessibility- (Ramps, Railings, Lifts, Elevators, Switches, Doorways, Sidewalks)

Ineligible improvements-

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Add a pool (Although up to $1500 can be financed to repair and existing pool)

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Non-permanent structures (Barbeque Pits, Sheds, Unattached Jacuzzis)

With the elimination of equity lines, second mortgages and high balance credit cards, the

 

FHA 203k has become the most effective way to finance home improvements!

Andy Wood - HUD Certified 203k Instructor

State Certified in Continuing Education

727-410-9663