THE FHA 203K LOAN

I can't tell you how many times I have met a buyer and they say, "I want the perfect house completely updated, downtown, for $150k" (insert deep sigh here). The truth is that no matter how big your budget is the "perfect" home just doesn't exist. Whether it's the color of the kitchen cabinets, the need for a new roof, or the lack of the third stall in the garage... there almost never is a perfect house for the buyer. 

This scenario has been almost a constant for me so I have taken the initiative to learn more about the FHA 203k loan program. It allows buyers to purchase the home and secure money for repairs in one fixed loan. There are only a few extra steps in the home buying process and the following improvements qualify for the financing:

  • structural alterations and reconstruction 

  • modernization and improvements to the home's function

  • elimination of health and safety hazards

  • changes that improve appearance and eliminate obsolescence

  • reconditioning or replacing plumbing; installing a well and/or septic system

  • adding or replacing roofing, gutters, and downspouts

  • adding or replacing floors and/or floor treatments

  • major landscape work and site improvements

  • enhancing accessibility for a disabled person

  • making energy conservation improvements

Don't give up on that outdated home with the perfect location without checking out this loan option first. Find out more information from HUD click here contact me and I would be happy to discuss the benefits of FHA 203K loan with you. 

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Ben Williams

Ben Williams

The Trusted Real Estate Advisor for Veterans
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