How An FHA 203k Standard Refinance Helped This Homeowner Bring His Home Up To Date

By Leesa Sandoval August 29, 2017

FHA 203k Standard Mortgage Project Lancaster TX

This homeowner has been in this house since the late 90s. He wanted to stay in the house and make some updates since it was an older property. This program allowed him to make some major renovations including expanding the master bathroom and closet, remodeling the kitchen and remodeling the other two bathroom. His new favorite parts of the home are the kitchen and the master bedroom. The solution to accomplish this project, an FHA 203k Standard Mortgage.

City: ​LancasterType of Renovation: ​203K StandardPurchase Price: $0.00Bid Amount: ​$123,979.00Contingency: 10%After Improved Value: $205,000.00

Purpose of Project: Refinance and Remodel Utilizing an FHA 203k Standard Mortgage

Details of Work:

A lot can be accomplished with an FHA 203k Standard Mortgage loan. See all the details of this case study below:

Install new flashing for new plumbing vent stack, replace missing drywall in garage, replace wood rot at garage door, new gutters, repair brick on corner of home near garage and front of home near planter boxes, siding repair at rear of home, wrap column on front porch with wood, exterior paint, replace all interior doors and door hardware, remove doors at dining room and replace with cased opening, demo built in entertainment center and repair drywall, install can lights, install French doors in living room, extend wall at existing pantry to create new utility room, install new plumbing and electrical for utility room, install new shelves in pantry, replace flooring in office, extend wall to enlarge master bedroom closet, remove paneling from master bedroom, drywall repairs throughout, interior painting, new baseboards, refinish wood floors throughout, remodel hall and guest bathrooms, extend wall to enlarge master bathroom by 3 ft, repair plumbing supply line to house, update electrical to accommodate changes, new kitchen cabinets and countertops, new kitchen appliances.

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Guidelines:

Eligible Repairs Include: Repair/replacement roof, gutters, and down spouts.

• plus-circleRepair/Replacement of flooring
• plus-circleRemodeling; such as kitchens and baths
• plus-circlePainting, both exterior and interior
• plus-circleWeatherization; including storm windows and doors, insulation, weather stripping, etc.
• plus-circleRepairs or improvements; however, must be permanently affixed to the real property and add value to the property. 
• plus-circleAccessibility improvements for persons with disabilities
• plus-circleBasement finishing and remodeling
• plus-circleBasement waterproofing
• plus-circleWindow and door replacement and exterior wall re-siding
• plus-circleRepair or replace existing well
• plus-circleRepair or replace existing septic
• plus-circleRepair or replace existing driveway
• plus-circleRepair or replace existing fencing
• plus-circleRepair or replace exterior decks, patios, porches
• plus-circleSite improvements such as landscaping, patios, decks, etc. must increase the As Is Property Value equal to the dollar amount spent on the improvements or be necessary to preserve the property from erosion. Appraiser will need to comment on the value added for these types of improvements
• plus-circlePool repairs allowed no dollar limit

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Did You Know?

The purchase of kitchen appliances is allowed with the 203K renovation program.