Tina,
I live in Auburndale and have extensive experience with the FHA 203k program. My first concern would be the loan amount needed. FHA has increased the loan limits for Polk County but if your deal is above those limits the 203k would not be an option for you. If you would like to discuss it further I can be reached via email at jscharff@tampabay.rr.com Thanks.

Prehaps I could be of assistance.

Will Addo
Renovation Specialist
Wells Fargo Home Mortgage
678 473 6776

The 203(k) is an option that can work well as long as you follow the guidelines. I have worked with a number of clients and had some variable success stories. There are also products that some have that are called "One Time Close" or "Construction to Perm" loans that help people achieve a similar outcome.

I work with more clients on the later option that currently own the home and are looking to do some remodeling/renovations. The people I have worked with for the 203(k) are those that are purchasing the home and need to do renovations. But those are my experiences with the solutions.

It depends on where you are in the process.

If you would like to walk through in more detail your options give me a call and we can discuss or send me an e-mail.

Good luck.
Darin

Yes, I have had several clients use the 203K plan. Several had very good experiences and one had a horrible experience. The bad experience was because the lender wanted to micromanage the project, and was not timely in paying for the work as was done.
Generally the lender will want an inspection done with photos of the home before and after. Work is generally done by contractors, but some work that doesn't require a state license can be done by you or a handyman. Don't think you will get paid for your labor, but will for the paint.

Carol Ann Sargeant, e-Pro Realtor
H & M Realty of Polk County

Tina,

I have done them before FHA 203K Is a great option for this depending on what you want to do. I would suggest contacting a local banker. I would also be more than happy to help.

Brent Bester
Mortgage Professional
Union Savings Bank
614-622-8916