The FHA 203k Rehab Program and Your Home
While the FHA 203k rehab program was conceived with home buyers in mind, it can solve many remodeling problems you may have in your current home. It's possible to refinance and remodel your home rather than moving out when it gets too small or out of date.
Your home might need a kitchen remodel, and maybe you're not sure how to do the work or how to pay for it. With the 203k as a refinance option, you could finance the cost of professional work into the mortgage, amortizing the budget over the life of the home loan.
Maybe your family has grown and your daughters are now using the bathroom to primp and get ready all the time. Or maybe your son needs his own bathroom because, well, boys are gross. Whatever the reason, you could finance a bathroom addition with the FHA 203k.
Your house may need work from the basement to the roof. Whatever the work needed or wanted, this is one option to pay for the remodeling. Yes it means you refinance your mortgage, but it's different from a second mortgage or home equity line of credit.
With the FHA 203k, you're paying one mortgage payment. The work is amortized over the life of the loan so you're not paying off a $15,000 kitchen remodel in 3 years. The work adds value to your home, so if you decide to sell it helps in that arena as well.
What exactly is the FHA 203k rehab program? National Renovation Lending Expert Joe Daly explains it all in under 2 minutes at the video below. You can also click here: What is the FHA 203k?
The FHA 203k rehab program will add some cost to your current home mortgage of course. the basic rule of thumb is that you'll add about $6 a month to your mortgage for every $1,000 in home improvements you finance. In other words that $15,000 kitchen remodel will add about $90 to your house payment each month. Not bad for a new kitchen!
Learn more with "The FHA 203k Survival Guide" at the button below. This free eBook covers all angle of the 203k rehab program so you can decide whether it's right for your remodeling needs.
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