Get Cash for Renovation with FHA 203K Loan
In today’s Spokane home market, fixers and foreclosures offer a unique opportunity for many home buyers. FHA has a specific loan program to help homeowners who want to make improvements or repairs on their home, but do not have the funds to do so. These loans are called FHA 203k and can be used for either a purchase or a refinance.
A few facts about the FHA 203K Streamline Renovation Loan:
Get up to $35,000 of loan proceeds to make needed upgrades and repairs.
Cost estimates from a licensed and insured contractor(s) are required before signing the sales contract.
The appraisal and loan amount are based on value after the completion of repairs. The loan closes before the work begins.
Buyers have up to six months to complete the repairs or remodeling.
The funds can be used for a variety of repairs and improvements, from roofing to flooring to appliances—virtually anything but furniture.
Down payments as low as 3.5%.
If this sounds like something that would work for you, call Darla at 509-270-0782 and I will put you in touch with an experienced loan officer who offers the 203K loan program.
Darla and LeRoy Pilant are Real Estate Brokers in Spokane, WA. To connect with them or to view all Spokane MLS Listings, visit TheRealEstateAces.com