The decision to purchase a new home is one of the biggest you’ll ever make, and there are so many things to consider. If you’re preparing to buy one that requires maintenance and renovation, a FHA 203k consultant can provide you with the advice, and options for funding you need both for the purchase and for renovation upfront. This process allows you to more easily achieve your goals and get your house looking and feeling like a home. If you’re considering this increasingly popular option, there are a few questions you are likely considering that need answered.
1. What Types of FHA 203k Loans Are Available
There are two types of FHA 203k loans you can choose from. If your remodel will include significant changes to the home’s structure, the standard 203k may be your best option as it allows for these types of changes. However, if you don’t expect your maintenance to cost more than $35,000, it may be a better idea to opt for the streamlined 203k. A qualified 203k consultant can help you make the final determination that will work best given your unique circumstances.
2. What Projects Qualify for Streamlined 203k?
Funds for streamlined 203k loans are intended to complete projects that don’t typically require the assistance of consultants and engineers. Some that likely qualify include:
Painting both interior and exterior
Purchase and installation of various appliances
3. Can 203k Funds be Used to Buy a HUD-Owned Property
In some cases, yes. However, it must be approved by HUD first. In some cases, you can even receive the loan after you’ve made the initial purchase for up to six months. A 203k consultant can help you get in contact with the appropriate parties to see if you qualify.
Protect what matters most, your family. Give Beryl Engineering a call for all your 203k consultant needs.