What is the FHA 203k?
What is the FHA 203k and what can it do for me?
At the end of the day, one of the most important questions we want answered as people is, "What's in it for me?" When it comes to real estate today, there's a program that covers home buyers and homeowners alike. Whether it's repairs or renovations on a purchase, or upgrades, improvements or redecorating the home you own, many projects can be financed through an FHA 203k mortgage loan.
Explaining the FHA 203k
AmeriFirst Home Mortgage Renovation Lending Program Manager Joe Daly has been in renovation lending for about 20 years. He's seen it all. Joe sat down with us to talk about what exactly the FHA 203k is, and how it can help you. Check out the short video below, or click this title: "What is the FHA 203k?"
Projects Covered by the FHA 203k
From repairs to renovations and upgrades to improvements, the FHA 203k covers a ton of work. Here's a list covering a few examples:
- Roof repair
- Mold / water damage
- Lead-based paint removal/repair
- Deck construction
- Disability access
- New paint
- New flooring
- Add a bathroom
- Kitchen remodeling (including appliances)
- Missing furnace
Some of the few things NOT covered would be luxury items like tennis courts, new pool construction (although filling in a pool can be covered) or a hot tub. The benefit is the affordable financing: for every $1,000 worth of work, you'll only pay about $6 a month more on your mortgage payment. The financing is part of your mortgage, so it's also part of your tax write-offs.
Want to learn more about the FHA 203k? Download the "Top 10 FHA 203k Topics" eBook below. It's yours to download, read and share.
(peeling paint house photo: 416Style from Flickr)