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Unfinished Basement? No Garage? FHA 203k Renovation Loan to the Rescue!

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.

unfinished-basement-no-garage-fha-203k-renovation-loan-to-the-rescue

Here's what Cecily Crowther, Realtor with RE/MAX Signature in the Chicago area says: This is a fabulous house four bedrooms two full bathrooms, completely remodeled what people stumble at is, there is a completely new concrete slab with no garage on it. They want a garage and there’s a huge wonderful basement that’s semi-finished. So, it’s painted it’s ready to go, it’s fantastic play space it’s a high ceiling and sometimes they want a finished basement. If the seller finished, put up their two car garage as soon as they get it done we’d have a buyer that wants a three car garage. The lot is extra wide it’s thirty feet wide, so you can put up a three car garage. If they finished the basement, then the next buyer is gonna want that’s total recreation and play space ball playing and bike riding and roller blading and hockey practice. It’s not expensive at all, it would cost a couple dollars more a month on your mortgage to get the refi loan and just wrap it right into your mortgage. The beauty of it is you do it now you have it done, you get it done before you move in, you either put up your ceiling or you put in a new hardwood floor, put up a garage, you put up drywall, or you don’t, that’s the beauty of it.

Turning a house into YOUR home can be quite an adventure, and a fun one too. Learn more about renovation mortgages at our home improvement loan guide right here, for AmeriFirst Home Mortgage I’m Dan Moyle Welcome Home.

Special thanks to our Chicago branch for helping us make this video possible. You can contact the Chicago branch by clicking the following link. http://www.amerifirst.com/illinois

 

 

See the embedded video here: Unfinished Basement? No Garage? No Problem With An FHA 203k Renovation Loan 

home improvements guide

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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   Could it be the outdated appliances, dark brown exterior,  and wall-to-wall carpeting?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. 

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(photo: Styron Batchelor, third from left; Loan Officer Mark Bynum, third from right; Loan Officer Assistant Jeff Jones, second from right)

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