Jacksonville FHA 203k Mortgage Loan Will Finance Your Home’s Fixer-Upper
Buy a new home or upgrade your existing one?
It’s an age-old question among homeowners. One that’s influenced by the economy and the housing market. Lately, homeowners have opted to upgrade.
FHA 203k Is A Community Friendly Home Loan Program
When HUD opens the FHA 203k mortgage program to real estate investors, it will help buyers who choose to renovate and resell. Currently, these buyers pay cash for homes and finance construction via personal funds. With the ability to leverage a bank’s money, investors will likely buy more foreclosures and renovate more homes.
Access to the FHA 203k program helps investors, but it also helps communities hard-hit by foreclosures and the economy. Real estate investors have the experience and ability to buy and repair homes at a rapid pace as compared to individual buyers.
Main Benefits Of Clearwater 203k Loans:
In addition to minor cosmetic upgrades, this loan can be used to completely remodel most 1-4 unit dwellings, and borrowers can even finance in up to 6 month’s (principal, interest, tax and insurance) payments to avoid having to worry about additional housing costs while the property is being renovated.
- Finance Upgrades – Cosmetic to structural renovation work.
- Get What You Want – Buy a property, turn it into a home.
- Increased Values – Improve the re-sale value and save money.
- Energy Efficient Upgrades – Save on utility expenses.
- Low Downpayment – As little as 3.5% of the purchase price for FHA 203k loans.
- Perfect “Fixer-Upper” Loan – New paint, carpet, kitchen remodel… and the list goes on.
- Discounted Listings – Get a better deal when buying an ugly property that needs a little TLC.
As long as you have an experienced team of 203k lenders, consultants and contractors working for you, a rehab loan is an option you may want to explore.