Joint Base Charleston Real Estate

Overview of FHA 203(k) rehab loan for Charleston Military Buyers in the Charleston AFB/JointBase Market

December 5th, 2010 12:53 PM by Jodie Ford

Renovation financing provides Charleston military buyers a cost-effective way to live in their dream home, and the opportunity to purchase properties in need of improvement.

What is the FHA 203(k) rehab Loan and what can it do for you?

§ Turn a house into your dream home

  • Buy a home that’s in the right area but isn’t quite perfect…..yet!
  • Replace things like an aging roof or furnace with low-cost financing
  • Invest in a home in the Charleston AFB area that needs some work and resell it at a later time
  • Remodel the kitchen & bath, create a master suite
  • Up to six months mortgage payments can be included in the mortgage,
    if the property is not occupied during construction

Does the home have to be a HUD Property or run down to use a 203(k) loan?

§ No. ANY home more than one year old that a borrower wants to purchase and/or remodel is eligible. Military Homes of Charleston can help you find the perfect home!

203(k) financing gives you:

  • More money to work with. The amount you can borrow is based on the expected increased value of the home, after improvements are made.
  • Less Strain on Your Budget. You can pay for the renovation gradually and affordably, over the loan term of your mortgage.
  • Less to Pay at Tax Time. Unlike other credit options, the interest you pay on funds used for a renovation is tax deductible.
  • Less Hassle. Youll have one loan to apply for, one set of fees, one closing to attend, and one monthly payment to make.
  • Faster Completion. Renovation work can begin immediately after closing
  • Low Monthly Payments. Improvement costs are spread out over the term of your loan
  • Simplicity. One application, one closing, one monthly payment
  • Military Homes of Charleston works with an experienced Loan Officer who can guide you through each step of the 203(k) process.

What types of improvements are eligible?

§ Structural alterations and reconstruction i.e., additions to a structure, finishing an attic, termite damage treatment

  • Changes for improved function i.e., remodeling kitchens and baths, adding bedrooms, bathrooms, family rooms, garages
  • Changes for aesthetic appeal such as new siding, stucco, new windows & doors
  • Reconditioning or installation of new plumbing, heating, air conditioning or electrical system.
  • Remove old and install new roofing, siding gutters & downspouts
  • Flooring, tile or carpet
  • Installing energy conservation improvements, such as double-pane windows, insulation, solar domestic hot water systems. Attic insulation, window screens, weather stripping are mandatory
  • Major landscaping and site improvement, patios and decks

Contact Military Homes of Charleston today for more information!

Charleston AFB Real Estate, Charleston AFB Real Estate For Sale, Charleston AFB SC, Joint Base Charleston, Joint Base Charleston Real Estate

Posted in:General
Posted by Jodie Ford on December 5th, 2010 12:53 PM


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