203k renovation


Del Ray 203K Project Story


Posted By on Aug 22, 2013

By Jessica Cannon The biggest change, and main focus of the home remodel, was to take all the walls down in the first floor to create a “great room”. The existing floor plan included the living room up front, powder room in the middle, followed by the kitchen and dining room in the back and were all separate rooms. We opened up the entire floor and moved the powder room to the back corner of the home. The “rooms” got moved around a...

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By Mylene Thomas FHA’s 203(k) loan for your fixer upper that you’ve either just purchased or you already own falls into one of 2 categories: Streamline or Standard. “Standard/Rehab (minimum $5,000 up to 110% of the improved appraised value) & the Streamline (work is less than $35,000…up to 110% of the improved appraised value). Example: Purchase price is $100,000. Upgrades/Repairs/Improvements will cost $15,000. Borrowers loan...

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Want a Fixer-Upper?


Posted By on Mar 13, 2012

Courtesy of Hud.gov FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs – all in one loan. The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal. Low down payments Low closing costs Easy credit...

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Mold. Ewwwww….


Posted By on Mar 9, 2012

By Mylene Thomas You’re approved for your 203(k) loan and you’ve picked a contractor and you’re ready for the inspection prior to signing all the paperwork and starting construction. Then there’s mold. The big national contractor of all people has said, “No way. No how. No mold abatement or remediation here.” Well, heck, now what? You’re supposed to go to closing in a week and this was the contractor and this was the inspection and...

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