Renovation or 203k Loans For Foreclosure Homes Charlotte NC

Renovation or 203k Loans For Foreclosure Homes Charlotte NC

Are you are looking for a foreclosure or short sale home in the Charlotte or Concord NC area and do not have the funds needed for the repairs or do not want to spend your savings on renovations?

You may find the perfect foreclosure or short sale home for you and your family, but the home may need a little work before you can move in comfortably. Consider a renovation or 203k loan to help make a home in need of repair your dream home!

Renovation loans may be used to update your current home too. If you have been living in your home for a few years and want some updates like what you have seen on HGTV or have a home that needs repair, you may able to get a renovation loan to make your current home your dream home too without moving!

The renovation or 203k loans work in a similar manner to other types of mortgage financing and the property must meet the renovation loan standards.

All renovation work must start within 30 days of closing and not stop for more than 30 days during the work period. All work must be complete within 6-9 months depending on renovation work amount. Allowable renovations may depend on the type of renovation loan chosen, but below are some of the general guidelines.

Renovation or 203k Mortgage Loan Property Guidelines

1. Property must be owner occupied (there are a few exceptions)

2. Condos & manufactured homes are eligible

3. Any new additions must be attached to the property financed

4. Some renovation loan programs even allow moving a home from one site to another or completing unfinished new construction

Allowable Renovations

1. General electrical replacement, HVAC, plumbing, installation of well/septic

2. Cosmetic changes such as granite counter tops, painting, hardwood floors, landscaping, etc.

3. Health & safety hazards

4. Kitchen & bath remodels

5. Finishing a basement or raising a roof

6. Structural changes or additions

7. Accommodations for handicap access

8. Adding/repairing a garage

9. Adding/repairing/replacing deck or pool

For a FREE Renovation Loan Guide or a Renovation Specialist, please contact me at 704-221-0900 or email me at sbiedler@carolina.rr.com.

Special thank you to Dana Meadows at Wells Fargo for the Renovation Loan information.