HUD offers a construction financing option that one of my clients is using. It's called a HUD 203(k) loan and it works really well with inner city single-family rehabilitation projects. That's not to say that the house must be renovated, in fact the house can be raised as long as part of one exterior wall and foundation is preserved. I have found that many of my clients could use this kind of loan.
Please go to this link to see the details of the loan. The loan distinquishes itself from conventional construction loans in that it requires just 3% down (most construction loans require 20% down), it's a single-closing, and I beleive there's a minimum 1-year commitment to occupy the property.
Please view Nick Mehl Architecture for designs in the austin area.
Subscribe to:
Post Comments (Atom)
3 comments:
HI Nick. It's great to see so many people and industries not just become aware of the 203k but to actually participate with the program. You are correct that many more people can be, could be and should be using the FHA 203(k) loan program. With the minimum down payment being only 3.5% and everything else (inspection fees, renovation expenses, etc.) included with the one single loan, it's an amazing options that's been around since the 1970's.
Just don't forget to use a contractor who is either experienced with or knowledgeabe with the 203k. These Certified 203k Contractors are located on the 203k Contractor Directory at http://203kContractors.com.
203k is a very good program however, getting it is not the easiest process. You have to team up with a great lender who is knowledgeable about it. A good team on your side shortens the closing time by weeks.
www.cfs203k.com
That is so cute, I would of never thought of that. I am definitely making me one or maybe a few! Lol Steel Building Contractor
Post a Comment