Real Estate inventory (available houses for sale) is down aroundthe country right now and this is leaving many buyers frustrated that they simply cannot find “the right” house.
Buying a house is a big deal! It is arguably the biggest purchase most Americans will ever make, and its a purchase you will be reminded of every morning when you wake up, every night when you go to sleep, and at countless times in between.
For picky (smart) buyers who simply don’t want to settle there is still one great creative option for getting the right house, at the right price. That solution is the FHA 203k Dream Home Loan.
How does the FHA 203k Mortgage Work?
The FHA 203k loan works by allowing home buyers to find a house that has potential and then finance all of the changes the house needs, and they want, into the cost of their loan. This leaves buyers with an often move in ready house, one monthly payment, and the peace of mind knowing they don’t have to spend the next year remodeling.
Other Details of the FHA 203k Loan:
FHA 203k is the most diverse home improvement loan out there. You can use this loan to make home improvements to the house you want, or the home you already own. Use the funds for simple upgrades, to create your dream kitchen or bathroom and even completely reconstruct a home that is presently unlivable. You can also use a 203k Rehabilitation Loan to tear down an existing structure and build a new one using some portion of the existing foundation.
Streamline 203k’s can include the following upgrades
- * Only 3.5% down payment required
- Build your dream kitchen
- Create your own personal spa bathroom
- New floors
- New appliances
- New roof
- New doors and trim
- Finish your basement
A Full 203k is also available for larger renovations and can be used to literally build a home up from the foundations. For any questions on using the FHA 203k loan to make an ok house the right home call us today 616-774-9160. Treadstone Funding is a leader in the FHA 203k Loan. Or to apply for the 203k loan click on the pre-qualify button below to begin an application.
For more details see the below video where Treadstone Funding Co-Owner Brendan O’Driscoll discusses the 203k loan with MiHomebuyingprocess.com.