GA 203K Rehab Loans for Foreclosures

Foreclosures are a hot topic right now for obvious reasons. People are finding incredible deals on bank
owned properties. One common complaint I keep hearing though is, “The property needs some work.”
So what do you do? Pass on this house and look for the next one. You could, or you could get a 203k FHA Rehab loan.

So what is a 203k loan and how does it solve my problem? With a 203k loan you can borrow between $5,000-$35,000 to use toward repairs on your new home. This amount is added to your loan amount. A 203k loan is a version of a FHA loan. Typically you would put down 3.5% and obtain an FHA loan. However, If the home you are buying is a HUD home, then you may only have to put $100 down.

With a 203k loan, you will go ahead and close on your loan then the work will begin. You would have to choose a licensed contractor upfront to complete all of the work for you. The contractor will be paid as the work is completed.

The GA 203k renovation loan allows you to choose the home you want with out having to worry about coming out of pocket for all of those necessary repairs.

Some common repairs are:

• Repair or replace gutters
• Electrical or plumbing issues
• Flooring
• Painting and sheet rock repair
• Roofing
• Energy conservation improvements
• Major landscaping
• Improvements for the accessibility of the handicapped