What are the benefits of 203K financing?

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.

BENEFITS

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

ELIGIBLE 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