Are you a first time home buyer? A mortgage lender looking for a qualified contractor? A homeowner seeking financing options to complete some remodeling or home improvement work?
You’ll find some value in this article aimed at helping new and existing homeowners make the right choices when it comes to the 203k work to be performed on their home.
Wisconsin First Time Home Buyers and 203K Home Improvements
In the case of a first time buyer, you might be unfamiliar with this program. The Federal Housing Assistance 203K program can allow new home buyers to borrow extra money for repairs, enhancements and upgrades to the home they are about to purchase (or refinance). If a Wisconsin home buyer qualifies they are eligible for up to $35,000 (talk to your lending institution for specifics) that can be spent on approved upgrades for the home.
The money is held in escrow until all of the work has been completed and passes the inspection process. The contractor who completed the project will get paid only after the final inspection has determined the work was completed to strict quality standards and local building codes.
As a new or existing homeowner this opens up many possibilities to those who qualify for the program. You can save money by purchasing a home that needs some minor repairs or remodeling done and borrow the money to make the necessary repairs.
Remodeling Your Wisconsin Home With The FHA 203K Program
Have you been living in your current home for several years? Do you feel there are many repairs and improvements you could be making to your home if you only had the necessary financing to cover the costs? If your home is in need of necessary repairs or remodeling work you might qualify for the 203K program if you refinance your mortgage.
You’ll need to speak with your local financial institution to get the scoop for your situation but hundreds of thousands of homeowners across the US are starting to take advantage of the program. If your back deck is rotten and falling apart, or maybe your flooring is 15 years old and never been replaced, along with dated cabinetry and walls that need to be painted. If you qualify for the program your home could be a very different place once the work is completed.
What Type Of Home Improvements Can Be Done With The 203K Program?
It’s important to understand that there are actually two different types of 203K renovation loans.
1. The Standard 203k was created to address more complex home improvement projects such as structural changes, room additions, landscaping or any other remodeling project that would prevent you from actually occupying the residence while the work is completed. If your project requires architectural drawings or inspections then you’ll also be going with a standard 203k
2. The Streamlined 203k is for those who have less extensive improvements to make to the home or property and they project cost will not exceed a total of $35,000. The streamlined 203k does not require hiring a consultant, architect, or engineer and there will be less inspections as the Standard 203k.
What Home Improvements are eligible under the Streamlined 203k?
There are a large number of home improvement projects that are available for the streamlined 203k program for Wisconsin homeowners and buyers. It’s best to meet with a professional contractor who is certified to complete the work because they will be able to explain to you exactly what your specific property could benefit the most from.
Here is a detailed list of qualifying Home Improvements:
- Roofing replacement and repairs
- Gutter systems replacements and repairs
- HVAC system replacements and upgrading
- Upgrades and improvements to plumbing systems
- Electrical system upgrades and repairs
- Flooring repairs and replacement
- Remodeling without structural changes
- Accessibility Improvements
- Lead based paint removal
- Deck replacement and repair
- Finishing the basement space
- Energy efficient window replacements
203K Home Improvement Contractor in Wisconsin
It can be tough to find local contractors who are willing to wait the lengthy amount of time it takes to be paid for the work completed on these homes. It’s a very slow process and not many contractors are eager to do this.
There is also a considerable amount of work that must go into submitting detailed proposals to lenders and spending time discussing your options. For many contractors, it proves too much work.
Brad’s Construction is a general home improvement and remodeling contractor who is qualified to work on 203k home improvement projects. We are well versed in the qualifications, the paper work and the detailed estimate process for 203k projects.
We can meet with you, view your property, or property you intend to purchase and discuss your options with you. The 203K loan program can help you fund some substantial repairs and improvements that will make a very big difference in how you enjoy and use your home. It’s important you make the right decisions for your needs.
If you’d like a detailed estimate for your 203K home improvement project in the Mayville, Beaver Dam, Fond Du Lac or Waupun areas of Wisconsin give Brad’s Construction a call today. 920-763-5779