Posts Tagged "FHA 203K"

Fixer Upper Homes In Salt Lake City, UT

Posted in Fixer Uppers, For Buyers

Fixer Uppers are a great way for first time homebuyers or in fact any homebuyers to take a home in need of a little “TLC”, add your own personality and style and make a home not only speak to you, but increase in value as well.

If you intend on making your fixer upper home your permanent residence (owner/occupant), there are loans available such as FHA 203k loans that allow you not only to purchase the home, but get the money to make the repairs and improvements as well.

Rehab Homes that need your attention and love (think Charlie Brown Christmas tree here) come in all sizes and conditions, so no matter whether you are thinking a little paint and carpet or you are buying your sledge hammer as we speak to gut and rebuild, start here with finding your fixer upper home.  Fill out the form below, and gain instant access to homes that need tender loving care in Salt Lake.  Oh, and if you have questions, call or text us at 801.819.9005.

How To Buy A House And Get The Money To Fix It Up!

Posted in For Buyers, Mortgage Loans

You are First Time Homebuyers and you have Found THE HOME.  You have watched DIY and HGTV and you know you can do everything those couples do on the home improvement show, but beyond the down payment, you have very little money to replace the cabinets in the kitchen, tile the bathroom and maybe add a family room in the basement.   What’re ya gonna do?

Cheer up little buckaroo, as sure as the sun shines, or in Utah the rain comes as of late, you can accomplish all those magical repairs, rehab your home and live the life of Riley (now that Really dates me doesn’t it).

How can you accomplish this miraculous feat you ask?  Simple, with an FHA 203k rehab loan.  This most fabulous loan will allow you to not only purchase your home, but finance the improvements as well and keep it all in one mortgage at low FHA loan rates.

Now, what Can you do with an FHA 203k loan you ask?  Any or all of the following:

• Paint
• Repair a kitchen
• Add a deck or patio
• Insulate for greater energy efficiency
• Replace flooring ie tile, carpet, etc
• Add a bathroom, replace a bathroom
• Finish a basement
• Replace windows
• Replace Appliances ie stove, furnace, water heater…energy credit
• Add central air (again energy credit here)
• And Much More

What Can’t you do with an FHA203k mortgage loan?

• Put in a pool or an ice skating rink
• Add a Theater Room and all the equipment (you could get away with the room)
• Buy a Ferarri
• Any other Luxury item, like gold plating the baseboards
• Putting in a yard

So what do I have to do to get one of these FHA 203k loans you ask?

There are hoops to jump through to qualify for this kind of mortgage (what government program Doesn’t have hoops?)

• Owner/occupants only…no flipping or investors (and no you don’t have to be a 1^st time homebuyer to qualify)
• The house must have been completed for at least 1 year , no new construction houses, sorry
• You will need to have 2 appraisals (one for the as-is value now and one for the projected value once the work is completed)
• Only 1 appraisal for a HUD Home- ask me how you can get one of those for $100 down!
• You must identify the repairs and work to be done, and have a written estimate of materials and labor by a licensed contractor and an interior plan of the home.
• Note here: You can actually do the work, but you must have enough in escrow for labor in case you don’t get it done in a timely manner.
• Repairs and addition must have the proper permits, inspections and be done to code
• And most of all…..you must be able to qualify for the finished product (cost of house + rehab money), so you can’t buy that million dollar fixer upper guys, sorry…..well unless you can Afford that million dollar home.
• You must still have your 3 ½ percent down payment for the entire purchase price (home + rehab money)

So, if you’re game for the hoop jumping, have the vision to make the ugly duckling into a swan, then the FHA 203k loan is just what you are looking for.  Give us a call (yep the number is right up top) or text us…or you can even email us… and we will help you get started, both with the mortgage and with finding the right home to apply it to!