FHA 203K Loans can seem overwhelming at first but they don't have to be, Lake Martin Inspections is a HUD Certified FHA 203K Consultant and can help you through the process.
There are two main types of FHA 203k mortgage loans.
The first is the regular or standard FHA 203k, which is the best option for properties that need things like structural repairs, major remodeling, a new garage, or landscaping. When you buy a property that needs structural repairs and/or needs repairs in excess of $35,000, you are talking about projects that may require professional experience and expertise in construction, architecture, building codes and more. This is where you will need a FHA 203K consultant, most homebuyers do not have the level of knowledge, experience or time required to oversee such a major undertaking.
The second is the Limited 203k (formerly called the Streamlined 203k), which is best for smaller, less complicated improvements (i.e. new roofing, replacing appliances, painting). The maximum amount of the Limited 203k is $35,000.
A 203(k) consultant is like a football team’s offensive coordinator – a point guard that runs plays on a basketball court and a star infielder – all in one.
Lake Martin Inspections can help you through the renovation process and help you create the home of your dreams!
Renovation the right way!
