Have you found your dream home but feel it could use some renovations? Or maybe you’re still house hunting but find that your price range is limiting your choices to older homes? Qualifying for a 203K loan can help you on your journey to making your new house into a place you can’t wait to come home to!
What is the 203K Program?
This FHA program is designed for people that love the location, but the home needs a little “love” and that means money for improvements. It is ideal for, but not limited to, first-time home buyers and repairs financed can range.
What Kind of Improvements Does a 203K Loan Cover?
Common improvement projects that are suitable for this loan program would include:
-kitchen or bath remodel
-adding additional square footage such as a bedroom or bathroom add-on
-heating or air conditioning system repairs or replacement
-plumbing and electric work
-roof repair and replacement
How do I qualify for a 203K Loan?
–Have a good Credit Score
-You must be the primary owner of the home and live in the dwelling or have intent to be the primary resident
-Your rehab project should begin within 30 days of closing and if the house requires major renovations you can also finance up to six months worth of housing payments
If you think that some updates could make this place your “dream home”, just come with your imagination and a little extra in your loan to make this place your own. Give us a call at Concord Realty Group 201-262-7653 so we can help you…like we have helped others to improve their “Home Sweet Home”!