With the FHA 203K Loan Program you can fulfill your vision and renovate your new home in Arizona!!! Use the 203K renovation mortgage to transform an Arizona foreclosure home or fixer upper house into a new home. With the FHA 203K you get one FHA mortgage to cover the purchase AND renovation costs of your new home, both with as little as 3.5% down.
Key features of the 203K funding program are:
- Loan for improvements are figured into the original loan balance, resulting in one loan
- Maximum purchase price in Arizona is $358,800 (Based upon 3.5% down)
- Minimum repairs $5,000, and the maximum repairs that can be included in the loan are limited to $35,000
- You must occupy the property
- Eligible repairs and improvements such as painting, HVAC systems, electrical and plumbing repairs, minor kitchen and bath remodels, roof repairs, stucco and drywall repairs, floor coverings, appliances, fans and light fixtures, and pool repairs which are limited to $1,500 (you also may qualify for some energy efficient tax credits so check with a tax preparer for more information).
- Repairs not permitted include landscaping, major remodeling, repairing structural damage, or moving load bearing walls
- The renovation and repair work must be performed by a licensed contractor.
- If the streamline loan is used, then borrowers are not required to hire professional consultants, licensed engineers or architects
If this is something that is of interest to you, I recommend Mark of Excellence Builders as your remodeling and renovation contractor. They are a lender approved, experienced, licensed general contractor, and have been building quality since 1998. They are able to provide prompt initial quotes on base renovation packages within 12 hours of your initial contact to facilitate your purchase contract negotiations, and within 48 hours of your home purchase contract acceptance they will perform a site visit, and prepare a formal estimate and cost breakdown for loan appraisal, and application. Most renovation projects can be completed within 30 days after close of escrow.
Contact Mark of Excellence today for more information and learn how they can perform an “extreme makeover” on your new home!!!