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FHA's 203(k) program
This is not only a great tool for buyers in today's market but also sellers. Listed properties in need of renovations/repairs are an excellent target market for this program.
Sellers can give their buyers a break-down of costs to renovate the listed property. Agents can provide to prospective buyers for any of their listings information on this type of program. Why not? Would it help sell a property? Would it allow the buyer to see past a property that needs a little T.L.C?
There are two types of 203(k) programs, streamline and full. A full 203(k) involves structural issues whether renovations, repairs or additions. A streamline 203(k) is renovations or repairs not to exceed $35,000 and nothing structural. Repairs may include:
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Paint, Carpet, Flooring, Appliances
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Renovation of bathrooms, kitchens or any room in the house
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Making a home handicap accessible
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Windows, Roof, Gutters or Doors
- Two Draws: 1/2 at closing and 1/2 at completion of all projects.
This communication is provided to you for informational purposes only and should not be relied upon by you. Century 21 Nachman is not a mortgage lender and so you should contact Atlantic Bay Mortgage directly to learn more about its mortgage products and your eligibility for such products.
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