Who can take advantage of this program?
This program is only available to first time home buyers - If you
have not owned a home in the past 3 years, you qualify
How much money will I need in order to buy my
dream home?
You will need 3.5% of the total bill as a down payment. If the
home costs $70,000 before repairs and you want to do $30,000 in
repairs, the final bill will be $100,000. You would need $3,500
as a down payment.
What kind of repairs are acceptable?
Almost anything that will increase the value of the home is possible.
Typical improvements are: New Roof, New Floors, New Paint, New
Appliances, Landscaping, Small Additions, Garage, Sun Room, Bathroom
Upgrades, etc... When the work is completed, the home must appraise
for the value of the loan. We will help you make sure that this
will happen before we even begin.
What does the home buying process look
like?
The process starts when we find a house that is a good candidate
to become
your dream home
1) Before we do anything - we pre-qualify you for the 203(k) loan
2)
We look for a house in the correct location
3)
The
house has the ideal layout with the number of beds and baths you
desire
4) The Price is right. We look at the general repairs and your budget
to see if they are close
5) We set up a time for you to view the home and check everything
out
6) If you like what you see, then we ask for your input in order
to find out what will make this house your dream home
7) We have a contractor to bid out the work and make sure we meet
the budget requirements
8)
If the budget looks good, then we place an offer on the house and
prepare the paperwork
9) Close on the house and work begins for the renovation
10) Renovations are completed, you move in!! Typically 60-120 days
later
11) 180 days after closing, you make your first mortgage payment
Are their loan limits for the 203(k) program?
Yes - $417,000 is the MAX that the banks will loan. Most banks
will not go that high. We will let you know if the house you
are looking at, including repairs, will make it through the loan
process without too much struggle.
Where can I find out more about the 203(k) loans?
Please visit the HUD
site for all of the details about the program.
