With the amount of short sale and foreclosures on the market in the Tampa Bay area, the 203K loan program may be a great opportunity to purchase a distressed property and renovate it the way you want to. Most of these properties have been abandoned and need work. If you have the vision, and can put a little time into designing a house, a mortgage designed for renovations may be the best way to purchase.
When purchasing or refinancing a home, why not include additional money for renovations or repairs?Many buyers plan to make changes to a home after closing.
A Renovation Loan allows buyers to purchase and renovate a home with one loan.
- Mortgage based on after-improved value.
- One closing and then repairs begin (sellers avoid having to make repairs themselves)
- Perfect solution to older home problems
- Enables borrowers to buy a foreclosure property without having cash to do the needed repairs
- Roofing, gutters and downspouts
- Interior or exterior painting
- Room addition or garage
- Remodel kitchens and baths
- Update appliances
- Flooring, tiling and carpeting
- Major landscaping, decks and fencing
- Structural alterations and additions
- Modernize plumbing, heating,
- AC and electrical systems.
- Install or repair well or septic system
- Energy conservation improvements
Call Katie Cook Hughes for more details on this loan program, Sr. Loan Officer,Prospect Mortgage, Cell: 813.546.0922