Imagine you want to purchase a home in your dream neighborhood. Stock of available homes is low but there is “that one that needs some work” still for sale. The purchase price is right but you know it needs some serious repairs and upgrades to make it habitable, clean, and safe. You could purchase the home and move in until you can finance the improvements separately OR you could use a 203(k) rehab loan that covers both the initial mortgage amount & the funds you need for repairs.Schedule Now
No way!! If you already own your home but need cash for important updates and improvements, you could refinance your current mortgage with a 203(k) loan and borrow those additional funds to pay for the repairs.Call Us Now
Our consultant is an independent provider who is certified by the Federal Housing Authority. Our goal is to make the 203(k) process as seamless and stress-free as possible for the borrower and the lender.
We are an unbiased advocate for the borrower and the eyes and ears of the lender. We will assist them in determining the feasibility of the renovation on the prospective home (including estimates for the repairs). This includes helping the borrower to identify necessary improvements/upgrades and classifying them as either mandatory, recommended, or desired. This feasibility inspection and report provides the both parties with the information to make an informed decision about proceeding with the application. We complete the necessary work write-ups and other documents, using forms approved by HUD and most lender underwriting departments, throughout the process to save everyone time and energy. Inspections are conducted regularly to ensure the quality and timeliness of renovations. This provides peace of mind to the borrower that the work is getting done and to the lender that funds are being drawn appropriately.Schedule Now
For more information on how Central Real Estate Inspections can assist you with your rehab/renovation project, please Contact Us.
FHA Resource Center
4000.1: FHA Single Family Housing Policy Handbook