This FHA 203k Standard Mortgage Helped Make This Home A Joy

By Leesa Sandoval October 03, 2017

FHA 203k Standard Mortgage Program Project Fort Worth TX

Even though this house needed some work this customer really loved it and worked with the seller for months on negotiating the deal. His realtor was familiar with the 203k renovation loans and put him in touch with Leesa and a contractor.  Because of this program he was able to purchase a below average property and make it a home he could enjoy for many years. See the details of this wonderful FHA 203k Standard Mortgage Program below.

City: Fort WorthType of Renovation: 203k StandardPurchase Price: $67,800.00Bid Amount: $24,575Contingency: 10%After Improved Value: $110,000.00

Purpose of Work:Purchase and Remodel

Details Of Work With An FHA 203k Standard Mortgage Program

Replace siding, clean gutters, new roof, remove rear wood patio, exterior paint, new fence, install new windows, drywall repairs throughout, install wood laminate flooring, new carpet in bedrooms, finish installing plumbing in downstairs bathroom.

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Guidelines:

Eligible repairs for FHA 203k Standard Mortgage Program only.

• plus-circleReconstructing a structure that has been or will be demolished, provided the complete existing foundation system is not affected and still be used.
• plus-circleRepairing, reconstructing, or elevating an existing foundation where the existing structure will not be demolished or torn down.
• plus-circleMajor structural alterations and additions (additions to the structure, finish attics and basements, repair of termite damage and the treatment against termite infestation, etc.)
• plus-circleChanges for improved functions and modernization (remodeling kitchens and bathrooms)
• plus-circleAttached room addition 
• plus-circleRehabilitating, improving, or constructing a garage
• plus-circleElimination of health and safety hazards
• plus-circleChanges for aesthetic appeal and elimination of obsolescence
• plus-circleMajor landscaping or site improvements
• plus-circleLandscaping or site improvements must add permanent value to the property; correct any fire, health or safety issue and not be considered a luxury improvement
• plus-circleRepairing bulkheads, piers, etc. would be acceptable but construction of the same would not
• plus-circlePatios and/or terraces that improve the value of the property equal to the cost OR needed to preserve property from erosion
• plus-circleRelocation of load bearing walls
• plus-circleOther major improvements permanently fixed to the existing foundation or structure
• plus-circleConverting multi-unit dwelling to single family or a single family to a multi-family unit
• plus-circle

  Improvements for disabled persons allowed for certain therapeutic items such as; special baths and/or tubs, add improvements for accessibility to the handicapped

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Did You Know?

There are two different 203K renovation programs? The 203K Limited and the 203K Standard. The limited is for small projects that are non-structural totaling less than $35,000.00 and the standard is for everything else!