RENOVATE YOUR HOME WITH A 203K CONTRACTOR FL EXPERT!
Many Florida Home buyers are discouraged from purchasing foreclosure homes or fixer-uppers. If you want to buy a house that is in dire need of repairs, the Section 203(k) loan program by the US Department of Housing and Urban Development (HUD) may be a good option for you. The loan enables you to finance the purchase of your home. Also, you can refinance your current mortgage. The 203K loan will include the cost of its repairs through a single mortgage at a low rate. Call us today if you are looking for an experienced 203K Contractor FL company!
WHAT IS A 203K LOAN IN FLORIDA?
An FHA 203K Loan in Florida allows Florida residents to borrow money, by only utilizing one loan, for both a home sale and home renovation. With 203k loans being guaranteed by the FHA, lends take a lesser risk. Because of this, it’s easier for Florida residents to get approved.
WHAT CAN YOU USE A 203K LOAN FOR?
When teaming up with 203K Contractors FL, you can borrow a good amount of money to ensure the purchase of a house AND any necessary home renovations. With the FHA (Federal Housing Authority) involved, most lenders are more than willing to move forward with a house they other wouldn’t be involved with in most cases.
A 203K loan can also be used for temporary housing. In specific cases, you can borrow up to 6 months of rent while your home is under reconstruction.
The timeline for a 203k loan is 6 months – 203k Contractors are paid out once the work is completed via an escrow account. It is vital to work with dependable contractors, such as 203k Contractor FL since we are familiar with the 203k process.
START YOUR 203K CONTRACTOR FL PROJECT
203k Contractor loans provide you the chance to create substantial improvements to your property. You can not fund luxury things through 203k, however you can create striking progress. The 203k procedure is about paperwork and following specific principles, so brace yourself for much less liberty than you may have envisioned when remodeling your house.
For most people purchasing a single-family house that’s not extravagant, you are going to fall in these limits. For smaller jobs, the Streamlined FHA 203k permits you to borrow (having a simpler procedure).
You’re able to borrow enough to fund 110 percent of the house’s projected value after advancement. Appraisers may review your strategies and take the long term value of your house into consideration.
WHAT OUR CLIENTS THINK.
I love the renovations on my home thanks to 203K Contractors FL!
203K Contractors FL came to my home in Orlando and they did a great job!
My house wasn’t in good condition when I first bought it but thanks to 203K Contractors FL, I’ve got the best house on the block.