Fixer Upper Turned Shiny New using the FHA 203k Limited Loan

By Leesa Sandoval | 203K Full

Nov 29

FHA 203K Limited Offers Home Fix

FHA 203K Limited, formally known as FHA 203K Streamline providing buyers with the needed fix in Runaway Bay, TX. After a long home search these newlyweds have found a home that was well maintained on the interior but the exterior was falling apart.  The FHA 203K Limited is the perfect partner for a home that is needing cosmetic repairs.

FHA 203K Limited is designed for only cosmetic repairs and repairs that are under $35,000 in total rehab. Cosmetic can have a wide range of meanings, if the repair isn't structural you are likely in the clear. If you are unsure, give us a call and we can talk it over.

If the repair is structural or over the dollar limit then you will need the FHA 203K Standard Rehab Loan that is void of the restrictions mentioned for the limited. This particular project was all cosmetic and fit just right, take a look at some of the details below.

Data for subject FHA 203k limited project.  

​Purchase Price

Base Bid

Contingency

Inspections

$97,500

$23,365

10%

1

After improved value of ​$145,000.00

The property was originally built in 1975 and has been maintained on the interior but hasn't received an upgrade in over 15 years.The neighborhood is bound to the north by the Lake Bridgeport, to the east by the city of Bridgeport, south to the Highway 380, and to the west by the city of Jacksboro. At 2,278 square feet this home near the lake features 3 bedrooms and 2 baths.

All new siding was the name of the game for this project. 544 square feet of siding and all new paint is going give this home a new exterior shine. No more chipping paint and no more damaged siding. The roof was also in need of patch work and received 33 squares of Ownings Cornings Shingles.

Electric panel and breakers were redone, missing staircase added and kitchen also received new tile flooring. Finally, 22 feet of ceder fence with metal post to create a secure enclosure for the family dog. Don't forget to check out the before pictures and did you know section below.

Damaged siding

Damaged siding

Peeling paint

Damaged siding

Missing Stairs

Kitchen

Window to be replaced

Front view

Did you know this about the FHA 203K Loan?

HUD allows appliances to be included in the scope of work for all FHA 203K Loans. You are able to purchase a home and roll in the cost of anything from fridge to dishwasher. This can be part of a wider kitchen remodel or standing alone by itself as a simple appliance package upgrade. It can be as simple as going to Home Depot to pick out the right package and giving us a call. Find out what 2o3K Loans can do for you!

Repairs don’t scare me and they shouldn’t scare you either. Call me today to discuss renovation loan options.

About the Author

• Leesa Sandoval
• 972.725.9110
I have been a Mortgage Loan Consultant in Dallas, TX for over 13 years, and I specialize in FHA 203k Rehab Mortgage Financing …..(Read Full Profile)

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