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203k And Fixer Upper Go Hand In Hand
Looking to purchase a "fixer upper" home? The 203k loan may be the right fit for you.
What is the 203k Loan from FHA?
The 203k loan is the offer in a program that makes provision for not only the purchase of a home, but also the repairs and renovations that are desperately needed. Most money lenders won’t process a loan to purchase a home until certain repairs are made, so families who find a house in their price range, but that needs repairs, are effectively stuck between a rock and a hard place. That is where the 203k loan comes in.
What loans are available in the 203k loan program?
There is the standard 203k and the Streamlined 203k, offering two separate loan packages. The standard loan program is for renovations and repairs that are complicated in nature; big renovations such structural changes, exterior repairs and major landscaping projects that will need to be thoroughly inspected, and will need an architect as well as an engineer to make the property inhabitable.
The Streamlined loan is a loan that home owners will have a much greater chance of acquiring. With a ceiling of just over $30,000, this is for smaller renovations that won’t require the assistance of specialists and engineers, and that are more along the line of improvements, rather than major structural construction.
What parts of the home can be considered for renovation under the Streamline Program?
Painting and waterproofing both inside and outside the building.
Upgrade, maintenance, replacement or repair of HVAC systems.
Upgrade, replacement or repair of roofs, downspouts, gutters, plumbing, flooring, electrical systems, outside patios, terraces and decks, basement waterproofing, finishing and small cosmetic improvements, septic systems, lead based paint stabilization or abatements, window and door replacement and repairs, weatherization, purchase and installation of appliances such as microwaves, refrigerators, washers and dryers and dishwashers.
Homes that need to make improvements inside or outside the building for physically disabled members of the family can also apply for the FHA 203k loan.