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HUD 203k LOANS
What is a 203k Mortgage Loan?
When you are searching for a new home, the home you may find could need some updating or remodeling to make it into your dream home. How can this be possible? You can either purchase it and live in it as you rebuild, or you could apply for a 203k Hud Rehabilitation Loan.
This loan is a program by the Federal Government to help rehab existing homes. It could be used for a Rehab or Additions. You could rebuild in some of the guidelines. It is a program so you can rebuild a home to what you want it to be.
How is this program different?
Most mortgage financing plans provide only permanent financing. That means the lenders usually want the property to fully developed and valued at the amount of the loan. When there is some rehabilitation involved the work has to be done first.
Whenever a property is purchased that is in need of repairs, updating or just modernization has to be done; the mortgage has to be done then additional financing for construction or other rehabilitation loans are needed. With the 203k Loan process, the mortgage and the rehabilitation work is all in the consideration and the amount of the mortgage is based on this process. The value of the property is based on the final phase of the work being done.
There are several different areas in this list from a single family house up to a 4 unit building can qualify. There are several differant variations to explore. From conversion to rebuilding a house. You must contact a qualified person or the Department of HUD to explore your options on this. Many possiblities exist.
The homeowner can use the 203(k) program to paint, room additions, deck, and other items even if the home does not need any other improvements. All health, safety and energy conservation items must be addressed prior to completing the general home improvements.
To learn more about the 203(k) Program contact Rick Paul, so I can help you with finding your dream home.