In 2014 Marc Edelstein was certified by the state of Michigan to teach FHA 203k Continuing Education Classes to the Real Estate Professional Community. So if you are looking to get information about a FHA 203k loan or if you already know a 203k is what you’re looking for, The Marc Edelstein Team is who you need to contact! The FHA 203k is a renovation loan program that provides funds for both the purchase and renovation of a home. Let’s say you’ve found that perfect home but it only has one bathroom and you need that basement finished or you just can’t seem to get past the purple exterior paint and the fully wallpapered interior. No problem! A FHA 203k Loan will allow you to add that room, finish the basement, paint the exterior and remove all that foil wall paper inside! All with one loan!
There are two types of an FHA 203k loans. The first is a normal FHA 203k, which is given for properties that need structural repairs such as a new roof or a room addition. The second is the streamlined FHA 203k, which is given for non-structural repairs such as painting and new appliances. A FHA 203k loan allows you to update any home, in any neighborhood, in any condition!
Here’s a few more FHA 203k Loan highlights:
The maximum renovation amount allowed is $35k.
The loan is based on the value the home would be after improvements were made.
Construction must be completed by a licensed and insured contractor.
Renovations begin right after closing.
Contractors have 6 months to complete the work.
Seller can contribute up to 6% of the “as is” price towards the buyers closing costs and pre-paid expenses.
Let the Marc Edelstein Team answer all your questions and guide you through the process. Any house can be your dream home! Call Marc Edelstein NOW! (248) 658-2643