My Comment: Here is an article by our Loan Officer business partner, Justin Harris, about an exciting loan program. You may have heard that these types of loans have gone the way of the saber-tooth tiger - extinct, but not so. So, don't automatically eliminate a potential home, just because it might need some fixing and you don't have the cash for the upgrades. This type of loan would help you do either repairs or upgrades.
A 203(k) loan is an FHA insured loan that allows buyers to purchase a home and include money for renovations and/or repairs into the same mortgage loan used to purchase the home. The repairs can be either required or optional repairs.
Some of the allowed repairs include:
Remodel an outdated kitchen and/or baths
Replace roof
Add rooms, including a garage
Get a new roof
Upgrades to central heat/air
Landscaping
Convert a home to be handicapped accessible
Plus much, much more…
A 203(k) loan is not only for the “handyman special,” but can also be used to remodel a home to the buyers’ liking.
Please feel free to call me if you have any questions.
Justin Harris
Senior Loan Officer
Prospect Mortgage
NMLS# 289494
1260 N Dutton Ave, Ste 220
Santa Rosa, CA 95401
Office: (707) 535-1263
Fax: (877) 412-9909
Justin.Harris@prospectmtg.com
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