WHAT DOES THAT MEAN FOR YOU?
That means if you are in the market for a fixer-upper, a foreclosure or an older home you can utilize the FHA 203k loan to buy your home and fix it up with no additional out-of-pocket expense. AND you can utilize the services of Dynasty Building Solutions, 203k certified in all of our 4 service areas. (Let your lender or realtor know upfront that you have found a Certified 203k Contractor to make the repairs and/or improvements before filling out your 203k loan application.)
The FHA 203k loan allows the homebuyer to purchase their home and complete the repairs/improvements after the transaction closes. This means that a homebuyer can fix up his or her home and not have to worry about the additional out-of-pocket expenses for their repairs/improvements.
WHY IT’S A BRILLIANT WAY TO PURCHASE (OR SELL) A FIXER-UPPER
Allows buyers to purchase properties that may not meet FHA standards and do the fix-up, rehab and improvements AFTER the home is purchased.
Offers the ability to fix-up and add personal improvements to make a house into a home with no additional out-of-pocket expense.
Can be used to make personal preference changesthat are not required by FHA (flooring, painting, kitchens/baths, additions, landscaping, windows/doors, etc.)
If the offer is presented properly to the seller, it could be the strongest financial offer in competing offer situations.
Sellers do not have to fix-up, re-hab, or improve a property because it allows the buyer to use an FHA 203k loan to fix up, rehab and improve the property, using the buyer’s own style and design preferences.
Dynasty’s 203k Contractor's status covers the following service areas: Roofing, Flooring, Garages, General Contracting, Insulation, Kitchens & Baths, Masonry, Painting/Drywall, Exterior Siding (vinyl, wood & stucco), Solar, Windows & Doors.
WHY REALTORS AND FRANKLY, EVERYONE ELSE, SHOULD LOVE IT
The FHA 203K Loan Program improves the real estate market because it requires a property to actually be improved, not just purchased. Because of the FHA 203k Loan Program real estate values are increased, which helps other homeowners in the neighborhood. It invigorates communities, creates work for contractors and commerce, by the purchase of goods and services. Simply put, the FHA 203k Loan program improves everything associated with it.
STEPS TO PURCHASING A PROPERTY USING THE 203k LOAN
Any repairs/improvements/modifications/modernizations that add value to and/or improve the property are acceptable for an FHA 203k Loan.
(There are no required steps or any specific order that items must be completed. HOWEVER, to ensure a smooth real estate purchase, these are the recommended steps to purchasing/refinancing a home using an FHA 203k Loan:)
The Home Buyer/Borrower selects an FHA-approved 203k lender and real estate agent knowledgeable with the FHA 203k Loan and then applies for the loan. (You can find many online.)
Let the lender and real estate agent know you will be using a certified 203k contractor to make the repairs and/or improvements before filling out the loan application.
The lender is responsible for determining that the customer’s selected contractor is able to do the work and complete the 203k project in a timely and workmanlike manner, in accordance with HUD’s guidelines, by verifying the contractor’s license, insurance credentials and work experience, as well as the contractor's understanding of and competency with the 203k program.
The FHA 203k Loan is available in all 50 US States.
Click here to access the 203k National Directory:
(Our Updated Renewal Certificate)
203k Orlando (407)305-4645
203k Sarasota (941)541-3233
203k Tampa (813)328-8900
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