The Complete Guide to Spring Home Improvement Financing

The Complete Guide toSpring Home Improvement Financing will walk you through the process of spring home improvements. DIY or home improvement financing? Download the guide and decide.

the-complete-guide-to-spring-home-improvements-174

Our Daily Articles in Your Email

Your email:

Social Interaction

Listen to Articles

We're on Foursquare!

Posts by category

We're in the FHA 203k Directory

FHA 203k Loan

If you're looking at a fixer-upper, the Federal Housing Administration rehab loan may be the mortgage for you.

Are you interested in buying a fixer-upper, but don't have the cash to remodel it? Or maybe you have saved money for remodeling and you've found a house you love, but your lender won't allow you to buy it because the house isn't considered habitable without toilets.

 

There are always properties on the market that weren't maintained by cash-strapped former owners, were treated poorly by renters or were deliberately trashed by formers owners before they lost their home to foreclosure. Shouldn't there be a way for someone like you to fix up these neighborhood eyesores and bring them back to life?

 

A Gift From the Government

There is, and it's brought to you by the federal government. The Federal Housing Administration's rehab loan product, the The FHA 203(k) Loan was designed for individuals who want to rehabilitate or repair a damaged home so they can live in it as their primary residence. These loans are endorsed by the government to encourage lenders to offer what would otherwise be considered a risky loan product. Because of the risk and expense involved, rehab projects are normally handled by professional real estate investors who can buy properties with cash and therefore don't need any bank to approve the property's condition.

According to the FHA, "All persons who can make the monthly mortgage payments are eligible to apply" for a 203(k) loan. To find a lender in your area who is experienced with FHA 203(k) mortgages, use the search tool at http://www.hud.gov/ll/code/llslcrit.cfm and check the box for 203(k).

You might be surprised by the variety of home repairs and improvements that can be financed with the 203(k) loan. These include, but are not limited to:

  • Painting
  • Room additions
  • Decks
  • Patios
  • Site grading and drainage
  • Bathroom remodeling
  • Kitchen remodeling, including appliances
  • Finishing an attic or basement
  • Structural alterations and repairs
  • Adding or decreasing the number of units in a dwelling (e.g., single family to duplex)
  • New siding
  • Second story addition
  • Elimination of lead-based paint problems
  • Heating, ventilation and air conditioning systems (HVAC)
  • Plumbing
  • Roofing
  • Flooring
  • Energy conservation
  • Disabled access

The FHA does not allow "luxury items" such as tennis courts, swimming pools, hot tubs and barbecue pits to be financed with a 203(k) loan, but some items that you might think of as luxuries, such as whirlpool bathtubs, are actually allowed. Talk to your lender about the specific improvements you want to make to see what you can finance.

 

Applying for an FHA 203(k) Loan

At AmeriFirst Home Mortgage, we are your 203k Specialists. You can find us in several states in the 203k Loan Directory.

Bottom Line

Let us know how we can help, and feel free to download our FREE 203k Survival Guide anytime.

The AmeriFirst Blog | Your Home Buying Resource Center

Current Articles | RSS Feed RSS Feed

Breathe New Life Into Your Old Home With the 203k

 
203k kitchen remodeling

Any home can feel old and outdated after years of ignoring home improvements. No new paint in a decade or windows installed when Kennedy was president can make us want to run from even the greatest house. But in this market, do you want to sell your home? It's not impossible, and it may be the right thing for you to do. But if all you want is a bit of new life breathed into your home, then maybe a home improvement loan like the FHA 203k is your answer.

What is the HARP 2 Refinance Loan?

 
HARP 2 refinance loan help sign

HARP is the short form for the home affordable refinance program. It is a US federal Government initiative that was started in March 2009 with the goal of helping underwater home owners to refinance their mortgages.

Relax with Home Improvements Like a Rope Hammock

 
rope hammock backyard

One major job of a home is to help us relax. What better way to chill out than a rope hammock in a peaceful backyard? Check out this awesome space for a nap in a hammock.

Should You Sell Your Home in the Current Housing Market?

 
should i sell my home

The current housing market in the U.S. is showing signs of recovery. Prices are stabilizing and sales figures have been looking good over the last few months. The economy as a whole is picking up and the revival, though slow, is informing the decision of many prospective home owners that perhaps it's time to make a move.

Home Repairs: Finance the Long List with FHA 203k

 
fha 203k long list repairs

A few home repairs can take a weekend or maybe an evening to complete. Add a little caulk to your bathtub, put a weatherstrip on your front door or paint a bedroom. These projects are easy for any amateur do-it-yourself homeowner. But sometimes that to-do list grows like a dandelion in early summer. And it's just as hard to knock down. This is why a home improvement loan like the FHA 203k exists: to help homeowners finance long lists of repairs and remodeling ideas.

Inside the Mortgage Pre-Approval Process

 
mortgage pre approval our first home

It's always great to get an insider's view on things. It's why "Behind the Music" is such a popular show. But it's also a great to better understand an important process like buying a house. The first step in the home buying process should be mortgage pre-approval. Let's get an insider's look at the mortgage pre-approval process.

Easy Home Improvement Idea: Add Color to Your Bedroom

 
bedroom interior design

Adding a bit of color to a room can go a long way towards making it feel new. If you're normally a subdued color person, adding bright colors into the mix can make a room feel completely different, like the bedroom in this photo.

The Current Housing Market: Perfect for Ditching a Renters Nightmare

 
current housing market ends renters nightmare

It's the perfect climate for ditching a renters nightmare. The current housing market is ripe for picking a perfect house (or a house to turn into the perfect home) and wrapping it up in a bow. With low interest rates and low home prices, buyers can find great deals and get low house payments. Another great opportunity in today's market is the fixer-upper.

Your Home Can Really Shine with a Refinance Mortgage and Upgrades

 
refinance mortgage upgrade

If you're looking to make your house shine like it did when you first bought it, you're probably looking at using cash (if you hav it) or a home equity line of credit (if you have equity) or maybe some kind of home improvement store credit. But there's another option you may not know about: a refinance mortgage for upgrades.

Obama Refinance Plan Encourages Homeowners to Get Lower Interest Rate

 
Official Portrait of Barack Obama

As many real estate agents and Realtors know, the housing bubble bursting has made the passion for selling houses a little less enjoyable. With more homes for sale than number of people interested in buying property, many Realtors and agents must become savvier to make the sale. There may be help on the way though.

All Posts

203k Forum

Most Popular Posts

Latest Posts

Blog Directory Listings

MI Mortgage Brokers and Loan Officers

 

Real Estate Blogs Directory - Directory of real estate blogs and blogs of industries affiliated with and serving the real estate industry.