FHA 203K Standard Renovation Loan
Irving Texas is the site of the next great renovation turn around using the FHA 203K Standard Loan formally known as the Full FHA 2o3K. Buyers were looking for a find a home with good bones but discounted due to its condition and ware over the years. Finding out quickly that a property must meet certain minimum property requirements in order to be financed, it was time for this rehab loan to shine.
Right before this FHA 203k renovation loan kicked off construction, the homeowners admitted to being avid Flipping Out watchers and that surely played a role in the decision to buy and renovate. The budget on this house allowed about $50,00.00.
Purchase Price
Base Bid
Contingency
Inspections
$104,700
$46,233
10%
4
After improved value of $160,000.00
Before we tell you the renovation specifics , we need to know the property specifics. This is a single family one story home built in 1956 with 3 bedrooms and 2 baths. built on a pier and beam foundation. The exterior is mostly brick veneer with some wood siding and the roof is a composition shingle roof that will be replaced. The roof will have all shingles removed and wood shakes removed before installing 1/2" CDX decking over the entire roof with asphalt shingles to finish it off. All rotten wood fascia will also be replaced with storm collars, pipe vents and drop edge.
As you can see in the picture above, previous owners converted the garage in to a sort of work shed without a functional garage door. This will be corrected- new garage door and removal of partition wall and ceiling tile that was previously installed making this a traditional 2 car garage. The project didn't stop there - electrical, plumbing and HVAC all received much needed upgrades or repairs to make this a functional home once more. FHA 203K Renovation isn't just for mandatory repairs, desired cosmetic repairs are also allowed! Re finished hardwood floors and a complete kitchen remodel that included counters and cabinets and new kitchen window was by far the more enjoyable repair for these new homeowners. Drywall patches and fresh interior paint gave the home a shine before it they were ready for the final inspection to close the project. Cant wait to see the finished results!
Flooring before re finish
Kitchen before remodel
Living room before paint and touch up
Flooring before refinish
Did you know this about the FHA 203K Standard?
FHA 203K Standard Loans allow structural rehab like foundation repairs. Foundation problems are very common in the state of Texas and homes can not be purchased without a renovation loan that allows for structural repairs. If you find the perfect property and are ready to make a move, don't let foundation repairs keep you away from your dream home. FHA 203K Renovation and the Leesa Sandoval Team can help you today!
Repairs don’t scare me and they shouldn’t scare you either. Call me today to discuss renovation loan options.