203k Inspection | Types of Homes Covered With a 203k Loan
203k Inspection | A 203k loan is a great program to help you purchase a home and make qualified repairs without needing to have the funds in your own bank account. A proper 203k inspection will give you a report of the repairs that need to be made. The 203k loan and the 203k inspection should go hand-in-hand to determine the scope of repairs that need to be made.
When you think of purchasing a home and making repairs, traditionally you would think of a single family home that may need some work. While this is one type of home that the 203k home loan covers, there are a number of other types of homes that can also be renovated with the 203k loan. Here are a few of the different types of homes that you can purchase with a 203k loan and still gain the funds to renovate the qualifying repair areas.
One home type that can be purchased with a 203k loan is a condominium that is located in 1-4 unit buildings. The renovations that are allowed with the condo purchase are limited to interior improvements.
The 203k loan will help to cover expenses to convert certain home types. One conversion is making a one unit residence into a two, three or four family home. In turn, you can also use the 203k loan to convert a multi-unit home into a single family home.
The 203k loan covers homes that have been demolished and will be rebuilt during the renovation process. This renovation type requires some of the existing foundations to remain in place.
When you are looking into purchasing a home and potentially using the 203k loan, you would be wise to use the 203k home inspection services at Beryl Project Engineering and Inspection. They will provide you with the exceptional customer service and experience to walk you through the entire process.