Create Your Dream Home With An FHA 203k

Dated: 08/29/2013

Views: 523

Have you been parading around the Greater Seattle Area touring numerous homes, but none seem to fit your standards? A home only has two bedrooms when you need three? The layout is odd and you are looking for an open-concept living space? Well, Team Troy has an awesome solution to your frustrations!

The FHA 203k home loan is designed for individuals who want to repair, improve, or upgrade a house so they can live in it as their primary residence. FHA financing allows you to include money needed for repairs and related costs in the mortgage, such as contractors fees, labor, materials, etc.
How does this process work? Let’s walk through an example. Potential buyer Bob wants a 3 bedroom, 2 bathroom home with an updated kitchen and sliding glass doors to a back deck. However, in his $400,000 price range, he can’t seem to find anything that fits his needs. This is how buyer Bob proceeds:
  • We let him know that it will be extremely difficult to find a home that meets that criteria in his price range, and offer to show him a property that he can transform in to his dream home
  • Bob views a home that checks most of the boxes, but the kitchen is a disaster. BUT FHA Financing can fix that.
  • Bob makes and wins an offer of $300,000 on the fixer property ($100,000 below his max budget!).
  • After working with an FHA consultant, property appraiser, and a Team Troy real estate agent, Bob receives a loan for $350,000
This is the price of the home, coupled with $50,000 of project cash for Bob to completely revamp the kitchen. Bob can now hire a contractor to complete the work and move in to his renovated dream home for below his initial budget!
Every FHA 203k loan and subsequent rehabilitation project is different – Therefore it is best to talk with an expert to see if this financing option is right for you. 

Are you looking to buy a home in the Greater Seattle Area and take on a renovation project through FHA 203k financing? Call our Seattle Real Estate Agents today to discover more about this program including who is eligible, what renovations can be performed, the minimum qualifying standards, and more. Ask us how you can go 6 months without paying a penny on your mortgage!

Troy Anderson

~Married with 2 children ~Turned grey prematurely ~Fetish for all things Apple ~Urban chicken farmer ~Enology (wine making) student @ WSU ~14+ years of Real experience “Here at TeamTroy we h....

Want to Advertise on this Site?

Latest Blog Posts

Inglewood Finn Hill

Located on the shores of Lake Washington, the Inglewood-Finn Hill neighborhood has one of the higher rankings found on AreaVibes.com with a A+ for amenities, an A- for housing (the median home value

Read More

Bothell And Kirkland Museums

Sometimes the best way to know more about the city or town that you live in is to learn about where it has come from and often the key to those mysteries (other than the internet) is by visiting

Read More

Fast Facts About Canyon Park Living

Canyon Park, a neighborhood within the Bothell city limits, has approximately 4,709 residents and is considered to be a “very livable” neighborhood according to AreaVibes. The website gave the

Read More

From Kindles To Cocktails

As to be expected, the Eastside is not in shortage of shopping centers. There are many to choose from, but the local malls may be your best option. Most offer free parking and the ones that don’t

Read More