Ready to Renovate After House Hunt
Ready to renovate with the power of the FHA 203k loan with her this first time home buyer was off and running on the search for a new home. The search landed her a home in Grand Prairie Texas ! Although initially with the wrong lender as the loan sat after 60 days with no movement we got the call for help. Jumping in to get the homeowner up to speed on how the program works and validating her contractor we were able to get things moving and get her loan closed. .
The FHA 203k renovation loan on this house allowed a total budget of about $30,00.00. After the foundation was leveled, the focus was all toward mandatory repairs.
Purchase Price
Base Bid
Contingency
Inspections
$101,664
$25,465
15%
3
After improved value of $122,000.00
Before we tell you the renovation specifics , we need to know the property specifics. This is a single family two story home built in 1967. It is a 4 bedroom, 3 bath home built on a slab foundation with a fireplace and 2 car attached garage. The exterior is mostly brick veneer with some wood siding and it has a composition shingle roof. The home is vacant and the water was on but the electricity was off because the meter has been pulled and the service wires cut.
The foundation needed 16 exterior concrete piers and 9 interior concrete repairs. A final plumbing and engineering test solidified the life time transferable warranty from the foundation company. After foundation work, a general contractor of the borrower choosing replaced both the water heater and electrical panel. Siding repair, new paint, new windows and gutter replacement covered the rest of the exterior repairs. Check out some of the signs of settlement issues in the pictures below!
Front of house
Broken window
Peeling paint
Damaged gutter
Signs of foundation issues
Signs of foundation issues
Signs of foundation issues
Signs of foundation issues
Did you know this about the FHA 203K Loan?
FHA 203K Standard allows financing of structural repairs or remodeling. Anything from foundation to adding square footage. Annoying wall separating the kitchen and living room? Why not knock it down and create a spacious living area. Something to think about while on the house hunt. You may find a property that is a bed room or a relocated wall away from being perfect!
Repairs don’t scare me and they shouldn’t scare you either. Call me today to discuss renovation loan options.
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