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Did you know that termites can damage a sill plate on your house or a home you want to buy? In fact, the sill plate is one of the first places termites can get to because it's so close to the ground (they also damage other wood from there, as you can see in the picture to the right). Replacing a sill plate can be a difficult process since you'd need to jack up the house and put in new wood. Fortunately, when you're looking at buying a home and the inspection comes back with news about this damage, there's an option to take care of the work. You can even pay for it by amortizing the cost of the work right into the mortgage. It's called the FHA 203k loan program, and the work will only add about $6 a month for every $1,000 you spend on repairs, renovations or home improvements. Replacing a sill plate is just one of the projects covered by the Standard FHA 203k loan. With the Standard (or Full) 203k or the Streamline 203k, you can also:
Back to the termite damaged sill plate: AmeriFirst Home Mortgage Renovation Program manager Joe Daly covers the sill plate as he educates Realtors about the FHA 203k and its benefits in this short video clip.
Trouble viewing the video above? Click here: FHA 203k Sill Plate Termite Damage
Want to learn more about the FHA 203k and the benefits to rolling the cost of repairs into your mortgage payment? Download the free eBook "Top 10 FHA 203k Topics" at the button below. And be sure to pass it on if you know of someone considering buying a fixer-upper or starter home.
(Termite damage photo: Flickr user cbb4104)
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