As we continue to see more distressed properties in the market, more and more home buyers are learning how and FHA 203k loan can work to their advantage! Completely replace kitchen cabinets, counter tops, appliances, flooring,  to bathroom renovation to carpet replacement to fencing in the yard…. in rural areas of Geauga County and Lake County where a septic system replacement is needed,  a new septic system can even be included in these loans! This program opens up so many possibilites to home buyers…For single family residence purchase, this program is only for the owner occupant, no investors. To read more about this program visit RIS Media December 31st article…. We have provided some of the benefits below…Contact The Stewart Team For More Information and Lender Information!

FHA 203k Benefits

  • Only 31/2% down payment required, which can be gifted by family members
  • More flexible qualification requirements allow those with less than perfect credit to purchase a home at competitive rates
  • A single loan for both purchase and improvement of your home means you make only one loan application and pay one set of closing costs – saving you time and money
  • FHA loans are assumable and there are no prepayment penalties
  • An FHA Energy Efficient Mortgage (EEM) can allow you to qualify for a larger mortgage to add additional improvements that will lower your utility expenses.
  • By including cost of renovation in your home mortgage, you pay for these improvements over time at a much lower interest expense than conventional alternatives
  • Rather than paying a premium for a home in “perfect” condition, take advantage of the great prices available on foreclosures or other homes on the market that are in need of repair or remodeling
  • Instead of paying for a previous owners improvements you may not desire, invest instead in exactly the features, colors, styles, etc. that suit your tastes and needs
  • Enjoy the opportunity to live in an up-to-date home in a great location closer to work, shopping, cultural activities and more