The changes in the housing and job markets over the past 10 years have caused many properties throughout the country to fall into a state of disrepair. Foreclosures and repossessed homes can be seen in nearly every neighborhood in every major American city, including Jacksonville. To help combat this problem, the Federal Housing Administration developed the 203k Loan Program. This specific type of home loan was designed to:
FHA 203k consultants must go through a thorough application, education and licensing process with the U.S. Department of Housing and Urban Development. Why? The consultant is relied upon by HUD and the FHA to ensure that all home improvements made with funds from the 203k loan are within the guidelines and budget of the program. Qualifying home buyers will be working closely with their consultant, coordinating throughout the purchase and improvement process.
During the initial site visit, your BiltRite consultant will perform a thorough inspection of the property and provide an assessment of the time-frame and budget of the project under the 203k program requirements. Once the project is deemed feasible, an agreement is signed with the home buyer and this agreement is used to secure the loan.
Standard versus Streamlined Home Loans
The program has two main loan types, streamlined and standard. Streamlined 203k loans are for properties that do not require structural upgrades while standard 203k loans are for houses needing structural repair. To qualify, potential buyers must plan to live in the home after all repairs are complete. Single-family through four-family dwellings fall under the program guidelines as do condos (those approved for FHA loans), mixed-use properties as well as homes needing to be moved to a new foundation. The best part of the program is quite possibly the large list of repairs allowed. Everything from installing disability access, upgrading the plumbing and kitchen remodeling to finishing the attic or basement, improving energy conservation and updating the HVAC system all qualify.
While you can choose any qualified FHA 203k consultant to work with on your project, the only way to ensure that your home is “BiltRite” is by calling us today at 904-262-9855. Like you we’re Jacksonville locals who guarantee the friendliest, most professional service in all of North Florida.