203k Loans help buyers purchase homes and finance the costs of upgrades and rehabilitation into one loan at the time of closing.
The FHA 203k Loan is a popular renovation loan program that helps buyers purchase a property as a primary residence in basically any condition, and include the costs of upgrades into the original loan amount.
While this is super helpful to save the buyer out of pocket expenses
on minor upgrades, such as paint and flooring, the 203k loan program is
especially helpful when the property needs larger repairs before it
would be eligible for a traditional mortgage.
Renovation loans are great because they are the ability to purchase or refi, and renovate, all in one loan. When somebody’s considering buying a home we look at the fact that they’re willing to renovate and what we’re gonna do is is look at the school district, the locale, the municipality, the places that they want to be, and then we worry about what the house will look like when it’s complete because we’re gonna renovate it to get it to where that client wants it to be. Renovation loans allow customers to be able to create their dream home, and they also allow for customers to create instant equity. These are two key features that are huge in today’s market. So take the time to look for the things that are important to you such as school district and location, and from there you can decide which is going to be the best home for you. Listen, thank you so much guys. I really appreciate your being here today on this podcast and this vlog, Renovate This!