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

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Tagged as: 203K financing, Financing and Mortgage News