With an FHA 203k loan can I remodel or improve ? 

Yes, Any or all of the following:

• Paint
• Repair a kitchen
• Add a deck or patio
• Insulate for greater energy efficiency
• Replace flooring ie tile, carpet, etc
• Add a bathroom, replace a bathroom
• Finish a basement
• Replace windows (for which you can get a nice energy credits well)
• Replace Appliances ie stove, furnace, water heater…energy credit 
• Add central air (again energy credit here)
• And Much More

 What Can’t you do with an FHA203k mortgage loan?

• Put in a pool or an ice skating rink
• Add a Theater Room and all the equipment (you could get away with the room)
• Any other Luxury item, like gold plating the baseboards
• Putting in a yard

So what do I have to do to get one of these FHA 203k loans?

There are hoops to jump through to qualify .

• Owner/occupants only…no flipping or investors (and no you don’t have to be a 1st time homebuyer to qualify)
• The house must have been completed for at least 1 year , no new construction houses, sorry
• You will need to have 2 appraisals (one for the as-is value now and one for the projected value once the work is completed)
• You must identify the repairs and work to be done, and have a written estimate of materials and labor by a licensed contractor and an interior plan of the home.
• Repairs and addition must have the proper permits, inspections and be done to code
• And most of all…..you must be able to qualify for the finished product (cost of house + rehab money), so you can’t buy that million dollar fixer upper guys, sorry…..well unless you can afford that million dollar home.
• You must still have your 3.5% percent down payment for the entire purchase price (home + rehab money) .
   
  You will need to ensure you have reserves for the difference between appraisal and actual cost so 3.5% down may be more on the remodel side.
  
  

Do you have the vision to make the ugly duckling into a swan, then the FHA 203k loan is just what you are looking for. 


Please apply at www.premiermortgagestore.com FLORIDA 203K's Only!