I have been closing 203k loans for 20 years, and I know exactly how to help you.
Please call at your earliest conveinece 540-882-4176.
VA Continuing Education Instructor
The Streamline version of the loan covers renovations of up to $35,000 for common small remodeling projects like kitchens, baths, appliances, flooring, paint, etc.
If a project includes "structural modifications", then a full 203K loan is normally used. The amount could be small or large depending on the scope of work.
The renovation project has a two stage appraisal: an AS-IS appraisal based on current condition/configuration, and an AS-Improved appraisal based on the future condition/configuration of the home.
If you are renovating the basement to include a rental apartment the lender can include the future rental income into your debt to income ratio calculation. This may help you qualify you for the renovation project.
These types of loans can be used remodel a condo, single family home (detached or town home), up to a 4 unit apartment complex (where you live in one unit), or you can renovate a living space over commercial space in a downtown property you own or acquire.
I have helped clients buy homes with 203K renovation loans including suburban town homes and rural horse properties. Each project has it's own unique dynamics, and you need to exercise good project and contract control and time management to avoid a lot of stress..
I have worked with several lenders who do very good jopb with 203K renovation loans whom I could recommend.
Alan Kroll - Broker/Owner of RE/MAX North Star in South Riding, VA - Alan.Kroll@remax.net
This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.