Friday, September 20, 2013

Can I Make Repairs to a Retaining Wall with My FHA 203k Loan?

The short answer is Yes, you can. You can complete most repairs utilizing the FHA 203k loan guarantee program.

  • Retaining walls, 
  • Foundation repairs or replacement, 
  • Update kitchens and bathrooms, 
  • replace or repair a roof, 
  • Interior and/or exterior paint, 
  • Lead paint abatement or removal, 
  • Asbestos abatement or removal, 
  • Room additions, 
  • Repairs after a fire to include rebuilding a home from the foundation up if needed, 
  • Repairs after a hurricane or tornado, 
  • Repairs to manufactured homes built after June 30, 1976 
  • Adding additional units where zoning allows, 
  • Commerical mixed use buildings... we can finance with 3.5% down payment and include renovation of the residential portions of the property 
  • Add a well and/or septic tank 

Remember that if you only have 3.5% down the FHA 203k loan product may be your best choice. If your credit score is 580-620 the FHA 203k loan product may be your best choice... call me for your best choice of a lender for this program.

IF, on the other hand you have a better credit score, good payment history, and 10-20% down payment you might be better served by a FannieMae HomeStyle Renovation loan product as there is NO MORTGAGE INSURANCE PREMIUM (MIP) which can save you a few hundred dollars per month or more depending on your loan amount. Call me for your best choice for a lender for this loan product.

Mike Young, 203k Team Leader Mike ready for your 203k order 

With offices coast to coast and HQ now at PMB 168, 5055 Business Center Drive, Suite 108 Fairfield, CA 94534 1.707.812.7668. We have ten offices in CA covering both CA states, NorCAL and SoCAL

To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages.

Skype name: the203kconsultant