FHA 203K Renovation Gives Home New Life
Homeowners in Plano, TX were next up on the list for FHA 203K Renovation success! After years of watching their favorite show - Property Brothers, these seasoned home owners decided it was time for a remodel. Luckily, FHA offers an option to refinance your current mortgage and roll in the cost of repairs.
The FHA 203k renovation loan on this house allowed a total budget of about $36,00.00. From needed maintenance to complete interior remodel this rehab loan can do it all. Take a look at some of the project specs and before pictures below.
FHA 203K Renovation Numbers
Base Bid
Contingency
Inspections
$34,465
10%
4
After improved value of $205,000.00
This is a single family one story home that was built in 1978. Built on a slab foundation and includes 2 bedrooms and 2 baths. The exterior is wood siding but is being replaced with new hardy siding along new composition shingle roof. As you can see from the pictures above, the repairs were needed to give a new exterior shine.
The interior remodel starts off with 1,300 Sq ft of new luxury vinyl wood flooring in the kitchen, breakfast area, all hallways, all bedrooms and the dining and living rooms. The high end flooring take this home to the next level as is but knocking down the dividing wall between kitchen and living area is really going to change the feel of this once cramped home. The kitchen remodel will now be showcased right when you walk in the door - New Cabinets, Counters and all new appliances to match the flooring of course.. This will definitely be the home to be at this Holiday season.
Did you know this about the FHA 203K Renovation?
HUD recently changed the names of each version of 203K Loan. FHA 203K Renovation loans currently showcase a limited version that is for cosmetic repairs under $35,000 and a standard version for repairs over $35,000 and structural repairs like foundation work are allowed. Don't get confused when you hear these loans refereed to as streamline or full FHA 203K Renovation Loans. They are the same thing and we can assist with both!
Repairs don’t scare me and they shouldn’t scare you either. Call me today to discuss renovation loan options.