Georgia 203K Loans More Popular than Ever

Today’s Guest Blog Courtesy of Garrett Feis a HUD Approved 203k Consultant

FHA has a little known loan program called 203K.  It is the governments answer to America’s deferred maintenance of existing housing stock.  Most lenders will only lend money on homes that are in good condition or they require the borrower to make the repairs before the closing.  Not so with FHA’s 203K.  FHA allows you to purchase the home “AS IS” and gives you the money to get the repairs done after the closing,  all in one 30 year fixed rate loan at current rates.    Best of all, you won’t need to make mortgage payments until the renovation is complete.

Here are examples of what you can do with a GA 203K loan:

  • Purchase a two bedroom one bath home and get the funds to make it a three bedroom with a nice master bath.
  • Purchase a foreclosure that needs carpeting, a paint job and maybe a new kitchen.
  • Purchase a home that is in perfect condition and remodel the kitchen and bathrooms.
  • Purchase a home that is in perfect condition and finish the basement off into an “In Law” suite.

All of this and more is possible under 203k Guidelines.  This loan program is almost limitless.  You can purchase a standard stock home and make it into the home of your dreams.

This loan has become very popular the last two years due to the increase in foreclosed properties.  These properties tend to be in pretty rough shape and usually need some help.  A Georgia 203K loan is the way to get you where you want to be.

For more information on how a 203k loan can be right for you, contact:

Garrett Feis  404-925-7163

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