I’ve written a lot about FHA 203K loans. I’ve dug into the details of contractor selection,the draw process, choosing a property, using renovation financing to go greenand the differences between the home improvement loan products currently on the market, but it has been a long time since I laid out the basics of the 203K process and 203K [...]
Savvy home buyers understand you don’t walk into a perfectly renovated home and get a fantastic deal. The smart Atlanta home buyer understands you should focus your search on potential and you should understand loan products that allow you to unleash it. Why pay an investor 20%+ in profit to renovate a home for you when you can do it yourself with your own finishes and your own design? FHA 203K & HomeStyle Renovation loans WORK!
With the our housing stock aging, new construction inventories dwindling and the suburban flight back to urban America the need for renovation and home improvement loans has increased dramatically in recent years.
What if there were a new economic engine for the United States that would put our people back to work without putting the government deeper in debt? What if that economic engine also improved our international competitiveness, reduced greenhouse gases, and made the American people healthier?
How can renovation loans help Atlanta?
Recent estimates indicate as many as 1 in 5 homeowners may be underwater (they owe more than their home is worth) so we will continue to see the short sale as a major player in the 2010-2011 real estate market. Many of these homes may qualify for traditional financing, however with many of these homeowners financially distressed it goes without saying that some may have not had the funds to pay for the traditional upkeep a home requires. That makes the FHA 203K renovation loan a perfect financing candidate for short sale properties.
Many Atlanta homeowners, however, also have some renovation needs they’d like to take care of as well. However, due to lower loan to value’s and declining property values they don’t think they have the room pull the cash out and go to work. Stand corrected homeowners in Georgia! Intro the FHA 203K for refinance!
The Peters Team out of the Keller Williams office in North Buckhead / Brookhaven are top notch. They know their stuff and if you are buying in that area you’d be well served giving them a call. Here is a recent post of theirs about their last 203K transaction.
With the economy flat and home prices stagnant people are looking to get more out of their renovations. Whether it is a FHA 203K purchase or a Fannie Mae Homestyle refinance, going green with your new renovation will pay dividends for years to come.
FHA 203K renovation loans have been around for decades, but they have recently found a new use in helping people go green. FHA awards benefits in terms of higher allowable debt to income ratios along with loan amounts that can exceed FHA statutory limits. So, how can you use the FHA 203K to go green?
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