With the growing popularity of DIY shows focusing on fixer uppers, a lot of buyers are considering properties needing immediate renovations. The FHA 203K loan product offered by the Federal Housing Administration makes it possible for lenders to issue loans on these properties, which would otherwise be risky investments.
There are two types of FHA 203K loans to suite the various levels of renovations. The streamlined version is for repairs up to $35,000. These updates can include kitchen and bath remodels, flooring, HVAC, or other repairs that don’t require the home owners to live outside of the property while being completed. The standard version is for more extensive renovations, including structural repairs and tear-downs. Of course there are specifications to the types of repairs with both of these versions, so it’s always encouraged to talk in detail with your lender in advance.
The FHA 203K loan will include the price of the home and the necessary renovations. You will need to work hand in hand with a contractor to get detailed quotes of all work for submission to the lender. There will be more paperwork involved and a slightly higher interest rate in this loan product versus the standard FHA or Conventional loans.
“We fell in love with a home in the Fan District of Richmond but the home needed some TLC. We went with a FHA 203K streamlined loan which was perfect for redoing the entire kitchen, exterior paint and repair work and little odd projects to bring back the charm to this old home.” -Staci
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