Money and Success

Surviving the Credit Crisis

Karen Simpson-Hankins,CTACC

Surviving the Credit Crisis – The FHA 203K Renovation Loan

There are a lot of properties on the market today needing tender loving care due to the housing/credit crisis these past few years.

We’ve always been told that when shopping for real estate, it’s all about location, location, location! But what do you do if you’re shopping for a home and you find that dream location, but the house just doesn’t fit your vision? It may need basic repairs, updating, or be in need of a major face lift. A renovation loan just may be your answer.

Today, my guest, Kahren Oxner, Sales Manager of Academy Mortgage Corporation, and I will be talking about one of our favorite renovation loans…the FHA 203K.

We’ll be discussing in detail:
• What are the advantages of a renovation loan vs- new construction?
• Does everyone qualify?
• What type of improvements are allowed?
• How is the maximum loan amount calculated?
• How does the construction draw process work?
• And much, much more…
Please join us as we walk you through the step by step process of the typical FHA 203K. Construction loans or renovation loans do not have to be intimidating. You just need a team of experts that can guide you through this exciting process and Kahren and Karen are here to help!