5 Reasons to Get A 203K Loan

What does owning a starter home mean to you?

203K for TNS

203K for TNS

It does not have to be that predetermined older home with outdated accessories that do not match your style. Not anymore that is. It used to be thought that a new homeowner buying their first home would have to settle. People across America are enjoying the fact that there are 203k approved lenders out there ready and willing to fund their loan and make that starter home their dream home.

It is no longer a good idea to purchase a home with the anticipation of fixing it up and then selling in a few years, for profit. With the real estate market as unstable as it is, profit is not a word most commonly used any longer. Why not buy a house that you like and turn it into a home that you love? All wrapped up into one 203K loan.

Here are several reasons to dive right into that 203k bank of America may be currently offering you:

  1. Your superficial renovations are approved. This is going to include your flooring, paint, and even new doors and windows. The doors and windows alone will be a forever investment since they will help with the overall energy savings in the home.
  2. Your house can grow with your family. This will include a room addition. If you want to expand due to having a child, or a roommate, or even an additional bathroom; that is included in the 203K loan. This will eliminate the reason to move because you have outgrown your home.
  3. Add a deck or a patio. Many memories have been made with families out on a deck or a patio addition. You can make your own memories now as well because a deck and or a patio are included in a 203K loan.
  4. Health and safety issues do not have to make you turn and run! These are covered within the 203k banks are offering now. It actually covers lead base paint and mold remediation. You have the option to close on the home first, and then have the work done before you move into it.
  5. No leaks from above! The roof and gutters, and awnings are covered under the 203K blanket as well. Replacing shingles, minor repair work and the downspouts can be handled before you even move in.

These are only a few reasons to get a 203K loan for your first home.

The criteria for a 203K loan can be explained to you by your financial advocate and they can also cover the qualifications for the loan. One thing to keep in mind is patience. This is not an overnight loan and the contractor chosen is not expected to have the work completed in a day. However, the reward at the end of the process is unimaginable. The day you step foot in your new home, which used to be just a house! There is nothing that can replace that feeling of accomplishment and satisfaction.

 

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