HUD is now offering a great deal were you can buy a HUD foreclosed home with only $100 down payment.  It is called The HUD $100 Down Payment Incentive Program.  You can get more information by going to  HUD $100 Down Payment!

The Fundamentals of FHA 203K Loan

The FHA 203K loan had been initially made to easily simplify the task of buying a house that really needs repairs. To obtain the money for repairs, you’ll get a sum based upon the future appraised worth of your house. This would mean that the worth added to the house as results of repairs are going to be taken into consideration to determine the existing worth. You can obtain up to $35,000 financing to be able to cover the needed repair expenses.

Your preferred building contractors who’ll repair the house are able to receive the funds in 2 draws. The very first draw covers 50 % of the job which is going to be disbursed in the beginning of the repair. And the second 50 % shall be disbursed as soon as repairs happen to be accomplished.

The actual repairs need to be began within thirty days after the loan have been closed. The work need to be concluded within six months. You need to figure out a final amount of money to be provided to the contractors prior to loan closes. Thus, you need to receive the required bids from the building contractors for materials and labor charges. It is possible to put into action the repairs as long as you are a licensed and bonded contractor.

Kinds of Repairs Covered by FHA 203K

There are numerous different types of home repairs and improvement that may be covered by FHA 203K loan. For instance, roof replacement, kitchen renovation, plumbing related and electrical work, renovations for accessibility, house painting, and home appliance acquisitions.

Cosmetic repairs and beautifications tend to be included with the mortgage. On the other hand, luxurious buys and updates usually are not allowed. You should take notice that money necessary to repair unattached buildings are not included in the mortgage. These kinds of structures may possibly include garden storage sheds, gazebos, and swimming pool.

How One Can Be Eligible For a FHA 203K Loan

FHA 203K as well as other current FHA home loans has comparable eligibility requirements. You may qualify based on your credit rating and earnings. Most significant of all, the house need to be FHA approved.

Usually, the monthly payment sum should not exceed 41 % of your usual monthly earnings. You need to have no less than 620 credit score that is required by many loan providers. Qualified homes include FHA-approved condos, planned urban development homes, and 1-4 unit homes. You can obtain this financing if your home was built a minimum of one year previous to application.

You may enjoy excellent benefits from FHA 203K loan. The mortgage enables you to rehabilitate your house. It is additionally useful for remodeling foreclosed houses and properties.

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There is an exception to the FHA requiring a 3.5% down payment.  The exception is the special “HUD $100 Down Payment Incentive.”  You can buy a HUD foreclosed home with only a $100 down payment.  You can get more information on this special HUD $100 Down Payment Incentive Program by clicking on the links at the end of this article.

FHA 203K Mortgage Rehabilitation Mortgage Insurance Program

The FHA provides a special mortgage program to aid homeowners who need to make enhancements or repairs on their home, but don’t have the money to do so. These loans are known as FHA 203K Mortgages and may be used for both a purchase or even a refinance. There are 2 types of loans in this program, one loan is for repairs that cost less than $30,000 and the other mortgage loan is for repairs that cost above $30,000.

A Streamline FHA 203K Mortgage option can also be available to homeowners that are considering doing non-structural repairs or upgrades. This particular mortgage needs a smaller amount documentation and can be less costly. It enables a homeowner to fund up to an additional $35,000 into their house loan in order to make improvements towards the home. An FHA home inspector or appraiser can determine home repairs that should be made.

How The FHA 203K Mortgage May Be Used

Despite the fact that there are a few constraints on what the mortgage may be used for, there are many refurbishments and home repairs that the mortgage may cover. Usually, these include modernization, getting rid of safety or health dangers, making a home more accessible for those that have disabilities, or making a home more energy efficient. More specifically, the mortgage loan may be used for roofing, plumbing, flooring, painting, and small remodeling plus much more.

FHA 203K Mortgage Loan Requirements

There are certain requirements along with this kind of financing. Homeowners used to need to spend at the very least $5000 on their home repairs to become eligible, but that requirement has been removed. Homeowners need to get cost estimations from a licensed as well as insured contractor(s) in advance of signing the sales contract. The full cost of the mortgage loan, such as repairs, need to stay within the FHA loan limitations for the county in that the home is located.

This FHA 203K Mortgage can’t be used to flip houses, as well as the homeowner must use the mortgage on the home in which they resides. The work being done on the home need to commence within 30 days from the loan closing. All work need to be concluded within six months to conform to the loan requirements.

If a homeowner really wants to make repairs to their home and needs additional financing, this kind of financing may be the smartest choice. Most of the same eligibility standards used by standard FHA home loans apply to the FHA 203K Mortgage. The majority of loan companies require that the borrower have a credit score that is at least 620 to be eligible. To qualify for the loan, specific energy efficiency standards, in addition to certain structural standards, have to be fulfilled.

The FHA 203K Mortgage could possibly be an excellent answer for homeowners who desire a better approach to finance home repairs and improvements while not using up their savings.

Click Here To Get More Information On The HUD $100 Down Payment Incentive!

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Prior to this kind of transcendent mortgage loan program, a homeowner were required to get an initial, short-term loan to buy the home plus a different rehabilitation home loan to make any needed repairs. Only after the repairs were complete could the homeowner obtain permanent financing for their recently improved home.

One of the best deals currently offered by FHA and HUD is the HUD $100 Down Payment Incentive Program.  You can buy a HUD foreclosed home with only $100 down payment and if you want to you can still use the FHA 203K Mortgage to rehab it if needed.  You can get more information by clicking HUD $100 Down Payment Incentive Program and learn how to buy HUD Homes with only a $100 down payment.

FHA 203K Mortgage: Exactly how does it work?

The FHA 203K Mortgage Loan was made to streamline the process of purchasing a home in need of repairs. To be able to provide funds for the repairs, the mortgage loan amount will be based upon an predicted future appraised worth that will take into account the amount of value the finished repairs will probably increase the current value. As much as $35,000 above the purchase price of the home can be financed into the mortgage to pay for the expense of repairs.

The contractors selected by the buyer to complete the repairs will collect the amount of money for their work in two draws. One draw is made for 50% of the work and it is disbursed at the start of the repairs while the remaining 50% is going to be disbursed after the work is finished.

The repairs have to start within thirty days from the closing of the loan and need to be concluded within six months. The total amount paid out to the contractor(s) have to be decided before the mortgage loan closes by having written bids on materials and labor expenses. The homeowner can perform the work themself provided he is a licensed and bonded contractor.

Just what sorts of repairs will the FHA 203K Mortgage cover?

A number of the repairs eligible to be done with the money from an FHA 203k Mortgage Loan include: roof replacement, electrical or plumbing related work, kitchen improvement, accessibility renovations, appliance acquisitions, as well as painting.

Even though numerous cosmetic renovations are permitted, luxurious things and improvements usually are not allowed. Additionally, any funds necessary to repair to any detached buildings, such as sheds, swimming pools, and gazebos, will not be a part of this loan amount.

FHA 203K Guidelines:

The FHA 203K Mortgage program has the identical types of eligibility requirements which exist on any FHA home loan.  A homeowner have to qualify based on both credit and earnings to become eligible and also the home have to be FHA approved.

In general, the monthly mortgage payment can’t surpass 41% of the borrower’s monthly earnings many loan providers require a minimum of a 620 credit score.

Homes which are eligible include: FHA-approved condos, 1-4 unit homes, and planned urban development homes (PUDs). The building of the house will need to have been finished at minimum one year prior to financing in order for the home to be eligible.

The FHA 203K Mortgage program can be quite a excellent tool for any homeowner seeking to refurbish or repair their home. In a real estate market which has seen foreclosures achieve record highs, the FHA 203K Mortgage loan can not only give prospective home owners with much more possibilities to buy a home, but also can help rebuild the housing industry by facilitating the rehabilitation of foreclosed homes.

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The FHA rehab loan is one of the FHA’s programs designed to help first time homeowners secure affordable home loans, and is specifically designed for the potential homeowner looking to buy and rehab a home.

As they are searching the housing market for a place to call their own, many first time homeowners consider purchasing a “fixer-upper”. A good source of “fixer-uppers” is HUD Homes for sale. Oftentimes, homes that could use remodeling are the least expensive ones on the market. This, combined with the opportunity to remodel to their own specifications, draws many first time homeowners to these “fixer-uppers”.

It is for these people that the FHA rehab loan is especially helpful. Traditionally, a homeowner wanting to remodel a home would have to acquire two loans – one for the acquisition of the property, and a second for the rehab. Then, when the property has been finished, they must acquire a third, permanent mortgage to pay off the first two loans. With a FHA rehab loan however, potential homeowners are able to acquire one mortgage, both for the acquisition of the property and for the rehab of it.

It is important to note that the FHA itself does not loan money. An FHA rehab loan is a loan offered by a bank or mortgage company, and insured against default by the FHA. Through this program, lenders are able to offer lower down payments and smaller interest rates, something they wouldn’t otherwise be able to do for first time homeowners.

Many first time homeowners qualify for these FHA insured loans. There are no income limits, and you don’t have to have perfect credit. And the benefits of an FHA rehab loan over a traditional loan are clear: they are easier to qualify for, they have lower down payments and interest rates, and they are easier to qualify for.

So if you are one of the millions of Americans out there ready to own your own home, then contact an FHA-approved lender today. The dream of remodeling your first home is likely closer than you think because of the availability of a FHA rehab loan.

For another great article about FHA rehab loan please click FHA 203K Loan or if you want  information on how to buy HUD Homes for Sale please click Streamlined FHA 203K Loan.

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This is not to say that the you are borrowing money from the government nor is it to say that by applying for a FHA home loan you will automatically be approved, but it is to say that you are more likely to approved for a FHA home loan than a conventional loan if you have average or below average credit, including a bankruptcy, and less than 20% for a down payment, currently the down payment requirement is 3.5% — which is considerably lower.

Now that we understand the basics of a FHA home loan, it is time to introduce the fact that in addition to the standard FHA loan offered, there are many other FHA loan programs that home buyers may wish to take advantage of including the traditional 30 year fixed rate mortgage, standard 15 and 20 year mortgages and even any manner of adjustable rate mortgages as well, you can even get qualified for refinancing or taking out the home equity via a home equity loan through FHA programs as well.

It seems, though, that one of the most popular FHA loan programs that are offered is the FHA 203k loan. These loans carry the standard features of traditional FHA loans — flexible credit, assumable loans, and low down payment to name a few — but goes a step further by making it easy to rehabilitate a home all in one loan packaged together.

Using an FHA 203k loan can help people who need to renovate their current homes by securing financing to do so or home buyers can use these loans to purchase and rehab a preexisting home elsewhere.

This can benefit everyone involved from the community by making surrounding areas nicer for all citizens, to the home owners themselves by allowing them to purchase what could be their dream home and providing the funds to make their dream a reality. All of that and under one loan package, in today’s unstable housing market, taking advantage of FHA programs is definitely the way to go.

With the glut of foreclosures on the market including HUD homes for sale which some of them requires repairs, the FHA 203K Loan may be the answer to purchasing your dream home at a bargain price!

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This type of mortgage not only prevents neighborhoods from becoming blighted by a large number of foreclosures, it can also be used to help save the environment by altering homes so that they can become more energy efficient. Some of the green additions you can make include windows, furnaces, appliances, floors, landscaping, solar panels and insulation. Certain repairs can be made by the borrowers themselves and not a contractor.

Although not a loan from the government, a FHA loan is guaranteed by the government.

FHA 203K Mortgages have existed for decades, and have regained popularity in the wake of the sub-prime loan meltdown. Because some banks and mortgagors are struggling to survive due to unprecedented loan defaults, conventional loans are now requiring a 20 to 30 percent down payment. First-time home buyers are hard pressed to come up with this large amount of money.

However, a FHA 203K Mortgage only requires 3.5 percent down. These loans also offer more favorable terms and easier qualification than do conventional loans. If you have at least a good credit rating, even a prior bankruptcy, you could qualify for a FHA loan.

If you want to purchase a home, the amount of money you can borrow will be based on the comparable price of homes in the area. The amount of the loan will be the lesser of its present value plus the cost of rehabilitation, or 110 percent of the appraised value after rehabilitation.

There are a few restrictions on these loans. The homes that qualify for a FHA 203K Mortgage need to be at least one year old and the cost of the needed repairs used be at least $5,000, but that no longer apply. There are additional fees associated with this loan, including a supplemental origination fee, fees to cover the rehabilitation plan documents and appraisal fees.

The time to close can take as many as 60 days, but usually takes from 30 to 45 days.

So, if you see a foreclosed home or maybe a HUD Homes for sale don’t let the necessary repairs stand in your way of getting a bargain.  Talk to your lender about a FHA 203K Mortgage and buy the home of your dreams!

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Differences between loan modification vs. FHA refinancing are not hard to understand when you have the right information. Read to get educated and talk to a financial counselor about making your home loan more affordable.

Are you one of the millions of American homeowners who has been suffering from the economic recession and is worried about paying your mortgage this month? If so, you need to talk to a financial counselor today about home loan modification vs. FHA refinancing.

Two of the best options available to homeowners who have been painted into a corner with their home mortgage loans are loan modification and FHA refinance, and which one is right for you depends mostly on who insures your loan. To find out, call your lender and request that information. The three big insurers of mortgage loans are Freddie Mac, Fannie Mae, and the FHA (Federal Housing Administration.) None of these companies actually lend the money, but they are commissioned by Congress to insure 100% of the loaned amount of money. This minimizes risk for the lenders and gives you the chance for a better interest rate.

What is the difference between Fannie Mae/Freddie Mac loans and FHA loans? Well, not a whole lot. It just depends on your specific mortgage loan and who insures it. There is no major difference between an FHA loan and a loan owned by Fannie Mae or Freddie Mac. The only time it really matters is when you’re looking at restructuring your loan to make it more affordable. If your loan is backed by Fannie Mae or Freddie Mac, then you can participate in the President’s new Making Home Affordable mortgage loan modifications. If your loan is backed by the FHA, then look into special refinances made possible by the Hope for Homeowners plan.

In the case of an FHA loan, look into refinancing. The Hope for Homeowners initiative makes refinancing possible to those who previously were denied a refinance. Falling house prices have disqualified a lot of people for refinancing they desperately need. As house values have fallen, so have their levels of home equity. If they drop below 20% home equity, they were unable to refinance in the traditional way.

Loan modifications through the Making Home Affordable plan follow a standard chain of steps for lowering your monthly payments. The plan includes incentive payments to both lenders and borrowers to facilitate successful loan modifications and encourage economic stability. If you have an FHA loan, you can still modify it but not through the Making Home Affordable plan. The programs that handle FHA loan restructures do not follow procedures that are quite as streamlined or as strict.

For additional information about home loan modifications, please visit the #1 loan modification resource on the net: Home Loan Modifications.

By Timothy Croy Published: 3/14/2009

Technorati Tags: fha loan refinance, fha refinancing, hoe loan modification

If you want to be part of the "Green Movement" and update your home to be more green friendly and also to reduce and save money on your energy costs, you may want to look at FHA 203K Loan to finance the improvements.

We all want to save money on energy costs and help to clean the environment.  The FHA 203K Loan will help you install new windows, new energy efficient furnace, new appliances, and many green friendly improvements.

The author of the article below discusses the many ways you can use FHA 203K Financing to improve our environment.

Green Renovation Lending – How to Go Green With FHA 203K Financing

Today’s world is changing at a dramatic pace. Skyrocketing energy prices and a planet showing years of abuse have led many to consider the way they live and how to change their lifestyle. The easiest and best way to reduce our energy consumption and to help preserve the planet for our children and grandchildren is to start at home.

The place where we spend the most time, where we consume the most energy and our biggest asset all in one. Our homes are responsible for huge outlays of money and responsible for preserving and creating wealth for our families. Now is the time to do you part, help the planet, take advantage of the incredible tax and utility company credits, increase the value of your home and prepare yourself for energy price increases by financing your energy saving improvements with FHA 203K> renovation financing.

FHA 203K renovation loans have been around for decades, but they have recently found a new use in helping people go green.

How do they work? The process is simple really, one loan closing with money to purchase the property or to payoff current debt and an escrow account for repairs.

Loans over $35,000 are facilitated with the aid of a HUD approved consultant designed to help administer contractor draws and insure repairs are done to FHA specifications. Loans under $35,000 don’t require a consultant and repairs can be done by the borrowers chosen contractor or, in some cases, the borrower themselves. FHA awards benefits in terms of higher allowable debt to income ratios along with loan amounts that can exceed FHA statutory limits.

So, how can you use the FHA 203K to go green?

1.) Green Up Your Appliances — FHA 203K loans will finance new free standing appliances for your home. Why not use that opportunity to buy EPA recommended ENERGY STAR appliances? Imagine beautiful stainless appliances that save you a bundle in monthly energy costs.

2.) Save Water, Save Energy — You can finance brand new low flow toilets as well as tankless water heaters. Low flow toilets use less than half the water that older models do and tankless waters provide unlimited hot water without all the wasted energy of a constantly working water heater.

3.) Want New Hardwoods? — Opt for sustainable bamboo flooring. Bamboo reproduces itself to maturity in 5 years as opposed to the 40-100 years than normal hardwoods take. Make sure and opt for formaldehyde free glues.

4.) Environmentally Friendly Landscaping and Lawn — Making an eco-friendly outdoor area that saves water and provides shade, helping you reduce heating and cooling costs, is not as hard as you think. How do we you do it? First of all choose local plants that require less water and less pruning. Pruning creates waste and fills landfills, avoid it if possible. Choosing local plants can help you conserve water and require less work. If you have an irrigation system install a "smart" system that calibrates water needed based on local climates and plant needs.

5.) Solar Panels — Solar is one of the easiest ways to dramatically cut monthly energy bills. Installing solar panels is so encouraged by HUD that they will allow you to exceed statutory loan limits to do so. In many cases the Federal, State and Utility company tax credits will pay for a good portion of the purchase and installment of solar panels. The rest we can finance.

6.) Better Insulation — An obvious choice for a green home, insulating your home better can help you save thousands on energy bills.

7.) Choosing Green Building Materials — A key aspect of any green FHA 203K renovation is the selection of environmentally friendly building materials. To reduce transport pollution and energy costs go local first. The second thing to look for is recyclable materials such as Glass, Terrazzo, Ceramic and Porcelain.

These are just a few of the myriad of green renovation choices you can finance with an FHA 203K renovation loan. There are literally hundreds of other ways to green your home, save yourself hundreds in monthly energy costs, increase your resale value and do your part in preserving the planet. The time is now to take action and do what you can. You never know, you might just be able to dramatically cut your monthly energy bills, create a bundle in home equity and substantially improve the marketability of your home.

Jonathan Blackwell
Green Renovation Specialist
Hometown Lenders
http://www.203KLoan.net
http://www.GoGreenWithFHA.com
404-551-3845

Article Source: http://EzineArticles.com/?expert=Jonathan_Blackwel

Here is another great article about "FHA 203K Renovation Loan – You Don’t Have TO Sell Your Home To Get What You Want!"

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You want to rehab your home or you want to buy a house that needs major renovation and you looking for a way to finance the costs.  FHA offers two choices, the traditional FHA 203K Rehab Loans and the easier FHA Streamline 203K Rehab Loan. 

If you have more than $35,000 in renovation costs than you need the traditional 203K Rehab Loan and if your renovation costs are less than $35,000 you can the 203K Streamline Rehab Loan.

The author of the article discusses mostly the traditional FHA 203K Rehab Loan but he does touch on the FHA 203K Streamline Rehab Loan.

The Secrets of the Mysterious FHA 203(k) Rehabilitation Home Loan …

The FHA 203(k) Home Renovation Loan is perfect for HUD foreclosures, handy-man specials, or any home in need of repair. This is because it offers borrowers the ability to finance the cost of the rehabilitation of a property. And this loan can be used for either the borrower’s current residence or a fixer-upper into which a borrower wishes to move.

The eligible improvements allowed on FHA 203(k) loans are numerous, and many clients are pleasantly surprised at just how useful of a tool this loan can be. For instance, in addition to typical home improvement loan projects, the FHA 203(k) mortgage loan program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling.

The 203(k) Program is not offered directly by the FHA, meaning that one cannot apply directly to the government for the loan. Instead, it is offered to the public through FHA-approved lending institutions. It is to one of these institutions that a client applies. And it is one of these lending institutions that ultimately approves and funds the loan. The FHA sets the guidelines and insures the loans to facilitate liberal lending and help with the sale of these loans on the secondary market.

Originally utilized primarily for purchases, the FHA 203(k) loan program was created to help revitalize properties into which families could move and live. As time has passed, these loans have also been made available to existing homeowners seeking to refinance one to four family residences.

These residences must be existing structures, at least 1 year old, and be used for residential purposes. This means that they must be owner-occupied. To lenders of traditional loans, these properties in need of repair are considered poor collateral on which they would prefer not to lend. To the FHA, which is committed to expanding home ownership through insurance and more liberal underwriting guidelines, such properties are not only acceptable but also desirable.

The standard FHA 203(k) loan includes purchases or refinances that involve more than $35,000 in repairs. It is available to augment an FHA Energy Efficient Mortgage (EEM), insure the mortgage on a single-family housing unit sold from the REO inventory of HUD, or to insure a mortgage that covers both repairs costs and the refinance of an existing mortgage. Once this $35,000 threshold is reached, it is necessary to involve both an appraiser and a consultant. The consultant prepares the work write-up and cost estimate. An architect, engineering or home inspection service then needs to inspect the property to ensure that:

1. There are no rodents, dry-rot, termites and other infestation;
2. There are no defects that will affect the health and safety of the occupants;
3. The existing structural, heating, plumbing, electrical and roofing systems are adequate; and
4. The completion of thermal protection upgrades (where necessary).

As such, on a standard FHA 203(k) loan, the process is often as follows:

• Contact lender for pre-approval
• Locate property & make offer
• Offer accepted
• Home inspection
• FHA 203K consultancy
• Architectural drawings
• Contractor bids & contractor selection
• Appraisal Loan submission & underwriting
• Underwriting conditions cleared
• Loan closing
• Repair begins Final inspection / Title Closeout

The easiest and quickest version of the program is the FHA 203K Streamline. This allows a home buyer or homeowner to finance up to $35,000 of home repairs in the purchase or refinance of a home. It does not involve HUD 203K Consultants or architects. This is because the Streamline is intended to facilitate uncomplicated rehabilitation or improvements to a home for which plans, consultants, engineers and/or architects are not required. The Streamlined (k) program includes discretionary improvements and/or the following:

• Repair/Replacement of roofs, gutters and downspouts
• Repair/Replacement/upgrade of existing HVAC systems
• Repair/Replacement/upgrade of plumbing and electrical systems
• Repair/Replacement of flooring
• Minor remodeling, such as kitchens, which does not involve structural repairs
• Painting, both exterior and interior
• Weatherization, including storm windows and doors, insulation, weather stripping, etc.

 So, whether it is to finance an impossible to pass-up foreclosure deal, the addition of a new deck, the replacement of a bathroom, saving the purchase of a home that the bank turned down due to property condition or making a change that turns an ordinary home into your dream home, the FHA 203(k) Loan can help.

Author: Steven Odierno

Steve Odierno, 34, has spent his entire professional career in the mortgage industry. He writes to help educate present and future homeowners about mortgage products and that which affects them. His Web site, http://www.fhahelp.net, is designed to provide you with the most comprehensive and up to date information about the FHA Home Loan Product.

Article Source: http://EzineArticles.com/?expert=Steven_Odierno

Here is another great article on FHA-HUD 203(k) Loan Program – Is It Too Time Consuming?

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The dilemma for you may be you need more space or you want a more updated home but you don’t want to put your house on the market in today’s struggling housing market.  You don’t have to money to renovate you home.  What are you to do?

Well, you may want to look at a FHA 203K Renovation Loan.  With a FHA 203K Renovation Loan you can make improved your home to the extent you are getting what you want in a home without moving.

The author of the article below will give you general information about FHA 203K Renovation Loans.

FHA 203K Renovation Loans – You Don\′t Have to Move Out to Move Up!

When most homeowners want more space or a nicer place they call Real Estate Agent and start their search for a new home. It doesn’t have to be that way though, you don’t have to move out to move up!

Recently homeowners wanting new digs have found the going a bit tougher. Both Fannie Mae and FHA have instituted restrictive new rules aimed at homeowners looking to buy a new place and rent out their current residence until market conditions improve. For both you now must have significant equity, 25% and 30% respectively, to use the rental income on your current residence to qualify. That means that many people now have to qualify for TWO mortgage payments. Obviously, that simply isn’t possible for many homeowners. All is not lost for those wanting a bigger space though, they just need to look a little closer to home.

Both FHA 203K and Fannie Mae Homestyle Renovation Loans allow homeowners to refinance and renovate their current residence.

They allow it all based on the after repair value of the renovations. Only have 10% equity currently? That is not a problem for FHA 203K or Fannie Mae Homestyle renovation loans, they are only concerned with the equity you will have when you are finished with your renovations!

So, how can you use FHA 203K or a Fannie Mae Homestyle?

New Freestanding Appliances, Complete Bathroom Remodel, Adding a New Master Bathroom, Upgrading Heating & Cooling Systems, New Siding, Fresh Paint Inside or Out, Attic Build-Outs, Finishing the Basement, Making the House Handicapped Accessible, Complete & Total Renovation, Adding a 2nd Floor, Adding a New Master Bedroom, New Deck & Outdoor Kitchen Area, Upgrading Doors and Windows, New Hardwood Flooring or New Carpet, New Lighting, Upgrading Plumbing & Electrical System, New Fixtures for Bathrooms and Kitchens, Opening Up a Floorplan, New Kitchen Counters, Vaulting Your Ceiling, Going Green with Solar Panels, and Building a New Garage to name a few!

There are hundreds of ways these loans can help you create the house you want without having to pack and unpack a moving truck. You can even add those green and energy efficient improvements you have wanted while you are creating your new space.

With a tough market to sell you should always consider all your options when looking to move up. FHA 203K Renovation Loans can allow you to explore an angle you might not have previously considered.

If you are in Georgia, Alabama, Florida, Tennessee or Virginia and would like to discuss your FHA 203K or Fannie Mae Homestyle options go visit our quick and easy Renovation Advisor now!

Author: Jonathan Blackwell

Here is another great article on FHA 203K Rehab Loan- You Can Buy A Fixer Upper Home With A FHA 203K Rehab Loan!

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