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Any home can feel old and outdated after years of ignoring home improvements.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.
The 203k is a mortgage option through FHA that allows the borrower (new buyer or homeowner refinancing) to add the cost of home improvements into the same mortgage. The loan amount is based on the after-improved value of the house once the remodeling is done. In this way, the 203k is vastly different from a home equity loan. In fact the FHA 203k is the new HELOC replacment because so many home simply don't have the equity they once had.
You can make home improvements by using the funds for simple upgrades to your home like a kitchen or bath improvement. You could even go so far as to completely reconstruct a home that is presently unlivable, using some portion of the existing foundation. You can borrow up to 96.5% of the appraised value - based on the value when the improvements or repairs are completed.
With the FHA 203k you can:
Many of these home improvementprojects would breathe new life into any home. Learn more about the 203k and other remodeling options with "The Complete Guide to Spring Home Improvement Financing" at the button below. This free guide covers DIY ideas to help spruce up your home this spring. It also goes into detail on deeper remodeling ideas. Get your free copy today.
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