Put Fixer-Uppers in Play with Limited 203K Home Inspections
Home Inspections | Too many prospective homeowners do not consider Hillsborough County fixer-upper homes as a valid choice. This is mostly due to concerns about mortgage loans. Past homes that needed work required a mortgage loan for purchase and a home equity loan for repairs. Few families wanted the burden of two consecutive home loans. The FHA Streamlined 203K Loan allows families to buy and home and obtain repair funds in a single loan.
Beryl Project Engineering inspectors can provide the necessary limited 203K home inspections and a Feasibility Analysis Report to help you make a wise decision. This report allows you to see the required repairs and probable costs to bring a prospective home up to FHA minimum property standards.
How Does the Limited 203K Loan Work?
The Limited 203K FHA loan is a fixed or variable rate loan that allows for repair or renovation costs to be included in the initial mortgage loan. The loan amount is allowed to exceed the purchase price of the property to allow extra funds for renovations. The Hillsborough County homeowner is able to borrow enough to purchase the home and make the needed repairs with a single loan and monthly payment.
Prospective homeowners must first qualify for this loan through FHA. Beryl Project Engineering has no part in that process. Your local FHA lender can explain more about how FHA Limited 203K loans work in the state of Florida and your possible eligibility.
Home Inspections and a Feasibility Analysis Report
Beryl’s limited 203K home inspections and Feasibility Analysis Report will contain the necessary areas to be repaired or renovated to meet minimum FHA property standards. Prospective Hillsborough County homeowners can then use this report to obtain cost estimates for the needed repairs. This total can be compared to the maximum amount FHA will loan for the home and repairs. This report can also cause the seller to consider lowering the price to make it a viable option for FHA buyers.
For more information about Beryl’s Feasibility Analysis Report and how it can help with an FHA 203K Limited loan, call or contact Beryl Project Engineering online.