Atlanta’s Number 1 FHA 203k Consultant
Today’s housing market and low mortgage rates provide first time home buyers a huge opportunity to get a great deal on a home. But what if the home you have your heart set on needs thousands of dollars in repairs? There is a great HUD/FHA rehab loan product that allows you to roll the acquistion cost of your new home and the cost of repairs all into one loan.
The 203k Rehab Loan is the mortgage product that gives you the ability to purchase and renovate a home or refinance your existing mortgage including the cost of the renovation.
The program can be used to rehab and/or improve an existing one-to-four unit dwelling in any of the following three ways:
1. Purchase a dwelling and the land on which the dwelling is located and rehab it, 2. purchase a dwelling on another site, move it onto a new foundation on the mortgaged property and rehab it, or 3. refinance existing mortgage(s) (liens) against the subject property and rehab the dwelling.
The process is quite easy and flows as follows:
1. Locate a real estate agent and select the property you would like to buy
2. Contact an approved FHA lender & get pre-qualified for your loan
3. Contact the 203k Consultant & schedule the 203k inspection
4. Consultant prepares the specifications of repairs and bid request
5. Contact a couple of Contractors to bid the project
6. Select your contractor
7. Consultant reviews contractor bid & submits completed documents to lender
8. After rehab value appraisal is performed
9. Loan closes – congratulations you own a home
10. Start construction
11. Call for Draw inspections for work performed
12. Lender closes out your repairs escrow account – you move in
Whether your buying a foreclosure that needs improvements, want to renovate a kitchen, bath, or simply improve energy efficiency of your current home, the FHA 203k loan is a great way to accomplish your renovation.
When you need a 203K Consultant, Renovation Coach has 16 years of experience working with this product and can help you navigate the process. We work with all the major 203k lenders and service the entire Metro Atlanta area.
Contact us today at 404-729-4969 or at jesse@renovationcoach.com to schedule your 203K inspection.
