203k Renovation Loans in Lafayette
There are a number of financing options available to offset costs when you’re ready to remodel one or more areas in your home. The team at Bogert Construction can connect you with you some of the most popular options, including a federal loan program for people looking to remodel new homes called the 203k loan.
When you’re remodeling right away
Looking to buy a home and start renovating immediately? The Federal Housing Authority (FHA) has a home loan program called the 203k program, allowing home buyers to acquire loans for the purchase of a home, when they’ll be making improvements to the home after buying it. Bogert Construction can facilitate the 203k application and make the loan process as easy as possible for you.
The process of becoming approved for a 203k loan
Here’s the good news: If the home remodel in question is estimated at less than $35,000, it’s fairly easy to get approved, and we can help. Simply file the proper paperwork for the loan and the government will underwrite a loan of $35K or less to get started on the remodel.
If the loan amount exceeds $35,000, however, the process gets a lot more complicated. Here’s what it entails:
You’ll need to prepare for the application process by first getting preapproved by a lender for a 203k loan. After this occurs, then you’re free to move forward in making an offer on the home in question and—hopefully—having it accepted.
Once the real estate process is in escrow (the time in which the transaction is advancing but not yet complete), you can move forward into having the repairs professionally appraised and approved by the bank. With our experience in helping customers receive approval for 203k loans, we know exactly how professional appraisers will see the plans and what the renovations are likely to cost.
After a bit more red tape (final appraisal, HUD inspection, clearing the underwriting conditions), you can sign the final loan paperwork, and we can get to work crafting the home of your dreams.
The process of acquiring disbursement on a 203k loan is much easier than it might seem. This is because the Federal Housing Authority (FHA) has studied how many potential home buyers are turned off by a home that needs repairs. The team at Bogert Construction is at your side through the entire loan-application process. We can give you insights on the cost of certain repairs and guide your loan documents along the right paths as you move closer and closer to your dream home with our help.