Explore our blog for insights on buying, financing, remodeling, and taking care of your home.
You've found a home in a neighborhood where you've always wanted to live. And you can snatch it up at a good price. So what's stopping you? Could it be the outdated appliances, dark brown exterior, and wall-to-wall carpeting? It might not be your dream home just yet, but with an FHA 203(k) renovation loan, it could be. With this loan you can purchase the property and get the extra funds you need to remodel, repair, and renovate. It's unique because you can borrow the funds you'll need based on what your house is expected to be worth after the renovation is complete.
Buying a home that needs some love can be overwhelming. It can also be a smart investment. If you're thinking about buying a fixer-upper, you already know that it's going to take a little elbow grease to make it livable. You probably also know that these types of homes can often be snatched up at bargain prices and in neighborhoods where you want to live. And once it's yours, you can paint, remodel and refresh the property to make it your own. Gourmet kitchen, movie room, home office, party deck - the possibilities are endless.
The FHA 203k option for home buyers covers a long list of home improvements, repairs, renovations and rehab projects. But when I came across this house, I saw 7 right away. Take a look.
Replacing the sill plate on a house can sound like an impossible job. The sill plate is basically the buffer between the bottom of your walls and the top of your basement or foundation. It’s treated wood, and it’s anchored to the cement below. Sometimes these need to be replaced. But do you want to put jacks under your home and lift it up all on your own? It can be done.
If you could design your Dream Home, what would it look like?
As a home buyer sometimes you’ll find a house that’s missing a key component that every other house in the neighborhood has in this case a garage, but it doesn’t have to make you overlook this house in fact it can actually help you take this house and turn it into a home with a renovation mortgage.
Questions are the fuel to our communications here at AmeriFirst. We love them. It allows to help hopeful home buyers better understand the process. One person's question is very likely the same question for many others. In other words, you're never alone in your questions about the home buying process. This question came from a reader, so we thought we'd share the answer.
Equal Housing Lender
A division of Amerifirst Financial Corporation
950 Trade Centre Way, Suite 400
Kalamazoo, MI 49002
NMLS ID #110139
This is not a commitment to lend. Not all borrowers will qualify; contact us for more information on fees and terms.
