Can I use the 203k loan to renovate my kitchen on a newly purchased property?

Asked by Patrisha A Woodard, Flossmoor, IL Sun Apr 12, 2009

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Will, , Atlanta, GA
Mon Apr 13, 2009
Make Life Better with a Loan that Makes Sense Renovation financing gives you:

More money to work with. The amount you can borrow is based on the expected increased value of your home, after improvements are made.

Less Strain on Your Budget. You can pay for your renovation gradually and affordably, over the loan term of your mortgage.

Less to Pay at Tax Time. Unlike other credit options, the interest you pay on funds used for a renovation is tax deductible.

Less Hassle. You’ll have one loan to apply for, one set of fees, one closing to attend, and one monthly payment to make.

Is Renovation Financing for You?

It is, if you have any plans for minor or major renovations to your home in the next six to 24 months. If you’re buying a house today and considering some home improvements next year, you may find it’s cheaper and easier to have the renovations done now with your financing for the purchase and the renovation all handled in one transaction.

All Kinds of Needs Covered

You can finance any kind of improvement or repair to eligible properties. Moreover, I can customize a mortgage to your individual needs, drawing from one of the mortgage industry’s broadest selections of products. In addition to all the conventional options, I provide special programs that overcome obstacles such as credit issues, hard-to-document income, or lack of savings. One of our most popular products is the Purchase & RenovateSM Program, which provides a single loan to cover both the purchase price of a less-than-perfect property and the costs of renovating it. The loan amount is based on the estimated value of your property after your planned improvements are made.

Its other advantages include:

More money. The loan finances both the purchase and the renovation Faster Completion. Renovation work can begin immediately after closing Low Monthly Payments. Improvement costs are spread out over the term of your loan Simplicity. One application, one closing, one monthly payment.

Our Refinance & Renovate Program provides similar advantages to homeowners looking to make improvements to their current home. Again, the amount you can borrow is based on the increased value of your home after improvements are made.

Give me a call today, and I’ll get started on helping you find the right renovation financing solution for you.
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Mon Apr 13, 2009
Yes, if you are talking about purchasing and renovating using a 203K. But, I recently had a buyer use this loan and there are some thing we both wish we knew before we started the please read this blog.
0 votes
Kurt Clements, Agent, Schaumburg, IL
Mon Apr 13, 2009

203k loans are an excellent tool to help the homeowner rehab their home. They are just like FHA loans, with a little more paperwork. For more details, please call me at your earliest convenience.

Kurt Clements
Senior Vice President
GSF Mortgage
3933 75th St
Aurora, IL 60504

Office: 630.806.7016
Cell: 630.430.1091
Fax: 630.723.5233
0 votes
David Cruick…, , Palatine, IL
Sun Apr 12, 2009
Yes you can. I specialize in these loans and have done it to my own home that I purchased two years ago. I would be happy to walk you through the process. Please give me a call for a no obligation quote and pricing.

David Cruickshank
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