FHA 203K Project Overview
Dreams of home ownership come to life in Austin, Texas thanks to the FHA 203k renovation loan. With inventory at an all time low and home pricing at a high in Texas it just made sense to use the FHA 203k loan to help Alex buy and renovate his home all with one loan. Even though he was a first time home buyer taking on the task of buying and renovating did not scare him off. In fact he searched out a home where this renovation product could be used to allow him to purchase and renovate all with one loan.
For this FHA 203k project we had a total budget of about $75,00.00. This allowed for the mandatory items and left plenty for the homeowner to be able to have the desired repairs accomplished as well.
Purchase Price
Base Bid
Contingency
Inspections
$185,000
$69,266.74
10%
4
After improved value of $262,000.00
There were mandatory repairs that included replacing shingles on the roof, exterior painting of the house and replacing all window to get them up to code for the city. Removing popcorn ceiling throughout...yes that was a must! And then onto the fun stuff.... complete remodel of the kitchen including new cabinets, quartz counter tops and one of my favorite things is the backsplash. All new stainless steel appliances were a nice touch to make this kitchen pop. Now onto the bathroom where it was an overhaul there as well including new fixtures, vanity and tub.
Kitchen before
Kitchen after with added rear exit
Fence before
Fence after
I enjoyed the process. It was interesting, kept me engaged and taught me a lot. I'm hoping to do this again in the future!
Alex A.Borrower
Did you know this about the FHA 203K Loan?
FHA 203k financing allows renovations on multi unit properties just like the project above! Although this particular property was a duplex you can also even do a 4 plex and live in one side and it is considered by FHA as a primary residence. Another point to note is that there are loan limits per county set by HUD but with multi units the loan limits are higher than if a single family.
Repairs don’t scare me and they shouldn’t scare you either. Call me today to discuss renovation loan options.