Mobile Menu
Select Page

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

 

View all homes for sale in the Tampa Bay area.

Visit our MLS website!  Save your favorite homes, get property alerts and more.  

Please follow and like us:
Facebook
Facebook
Twitter
Pinterest
Pinterest
Google+
Google+
http://thetamparealestateinsider.com/financing-and-mortgage-news/what-are-the-benefits-of-203k-financing/
LinkedIn
RSS

Written by Rae Catanese, Realtor

Licensed Realtor since 2002, Tampa Bay’s own Rae Catanese regularly gives expert advice and insider tips about the Tampa Bay real estate market via her blog, The Tampa Real Estate Insider. If you are thinking of buying or selling a home in the Tampa, St. Petersburg or Clearwater areas-then this blog is for you. I typically post articles once a week. To make sure you don’t miss my newest posts, you can subscribe here! Have a real estate question? Email me here!

View all author posts →

Submit a Comment

Your email address will not be published. Required fields are marked *