Remodel Magic With FHA 203K
Buyers in Houston, TX are using an FHA 203K Renovation loan to purchase and renovate a home that was in desperate need of a remodel. These experienced homeowners had lived in the same home for over 12 years and had a clear vision of what they wanted. The move was made possible using the FHA 203K Rehab Loan and the Leesa Sandoval Team.
Rehab loans can range from $5,000 to $200,000 or more so the possibilities are endless. On this particular project the budget was around $130,000 and included 2 separate additions, foundation work and interior/exterior remodel. Take a look at some of the specs & pictures below. You may be inspired to have a vision of your own!
Data for subject FHA 203K Renovation project
Purchase Price
Base Bid
Contingency
Inspections
$120,000
$126,162
10%
5
After improved value of $275,000.00
The home was originally built in 1936 with 3 bedrooms and 2 baths. Current square footage is around 1,600 but that will soon change thanks to the FHA 203K Loan. The site you see in the picture on the right will soon be a 26'x18' addition to give more living space for both living area and dining.
The picture on the left will showcase a newly paved driveway leading to a brand new garage. The garage will be 20'x22' with a 16' door. More living space, extra storage and a place to park your car are just one of the many ways you can take advantage of this amazing rehab loan.
As you will see from the pictures below, this home needed far more than extra square footage to bring it up to code and in to the modern age. What would a rehab loan in Texas be without foundation work?
This home needed 8 piers to level out. 14 of the existing windows were restored to keep a rustic feel along with new 30 year architectural grade shingles to match both additions. Front porch was completely demolished and replaced with stairs and decking for a nice hangout area for the cooler days. Electric, HVAC and plumbing received and overhaul throughout the entire house.
New hardwood floors, exterior siding and a much needed painting for both interior and exterior to make this home feel like new again.
The best part of any remodel is always the kitchen though. Custom cabinets that were built on side along with granite counter tops are featured with an island set up as the center piece. All new appliances and much, much more then we have time to mention in this article close out this project.
Cant wait to see the pictures of the completed project!
Kitchen
Living Area
Bed room
Dining room
Did you know this about the FHA 203K Loan?
FHA 203K Renovation Loans have many of the same credit requirements as a traditional FHA Loan. HUD allows 3.5% down payment so it doesn't take much cash out of your pocket to turn a home in your price range to the home of your dreams.
Credit scores can go as low as 580 but often have additional overlays such as longer bankruptcy waiting periods. Overlays tend to fall off once your credit is 620 or higher. You wont know until you call us and apply!
Repairs don’t scare me and they shouldn’t scare you either. Call me today to discuss renovation loan options.