Discover the potential of the FHA 203k Rehab Loan
Location: Fredericksburg, VA. |
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Completed: 7/2011 |
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Current Value |
$162,000.00 |
Total Costs (purchase, renovation and other fees) |
$114,427.00 |
Owner's Instant Equity |
$47,573.00 |
The evidence is undeniable, the FHA 203k rehab loan is the most advantageous way to purchase a home.
What you are about to discover in this real life experience will completely change your way of thinking about your next home purchase. This experience will offer a vivid display of the vast transformation of the home (using the owner's design ideas and product selections) and the costs associated with the complete transaction. These costs are real numbers and are listed here to show you the potential for substantial equity using this loan program.
More Details...
Quick Comparison
Traditional Mortgage Financing
1. Home is already complete with prior owner's ideas & selections.
2. Little to no equity – price will be very close if not more than the current value due to its good condition.
3. Down payment will vary based on loan program.
4. If repair and/or renovation occurs after the purchase, costs associated with the repair and/or renovation will be an out of pocket expense for the owner.
5. The buyer is limited to a smaller inventory of homes that must pass an appraisal from the lender. If the home is in need of repair(s), the lender will require the repair(s) to be complete before the transaction is final. This will cause more negotiation between the seller and buyer, sometimes leading to a release of the contract.
FHA 203k Rehab Loan
1. Implement your own design ideas & product selections.
2. Potential for substantial instant equity.
3. Low down payment
FAQ: How much is my down payment?
4. All costs associated with the repair and/or renovation of the home are financed into the loan.
5. Allows the buyer(s) to purchase a home in distressed (AS-IS) condition which will give the buyer a greater inventory of homes from which to choose.