203k Loan for Home Renovations in the Detroit Area
Detroit Build is a remodeling contractor assisting new home buyers in the Detroit area renovate their dream homes with a FHA 203k loan for home construction/remodeling. Whether it's painting, new appliances, storm windows and doors, or basement remodeling, Section 203k loans enables homebuyers and homeowners to finance up to an additional $35,000.00 of repairs for updates and improvements into a single mortgage.
Fluent in 203k construction loans, we take great pride in helping homeowners, mortgage brokers, and real estate agents through the rigorous renovation process. Detroit Build provides 203k rehabs, whole house renovations, kitchen remodeling, bathroom remodeling, and every room in between. Is a 203k loan right for you? Learn about how you can finance a complete home transformation with our help!
Whole-Home Rehabs Throughout Southeast Michigan
With our wide range of talents and services, we can be your partner in bringing a home back to life. Need a little extra help? We specialize in assisting new home buyers in acquiring FHA 203k loans and getting up to $35,000 in additional mortgage financing to put into home improvements and renovations. For us, it's not about just getting the job done --- it's about helping homeowners to see a vision and bring it to life!
FHA 203k Loans for Your Detroit Home Renovation
If you're having difficulty finding the perfect house for you and your family, you've come to the right place. The Section 203(k) Loan, backed by the federal government, enables homebuyers and homeowners to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage -- up to an additional $35,000 of repairs. It can even be used to make accessibility upgrades for persons with disabilities.
Getting Started With Your 203k Loan
The first thing you want to do is find a property that is "almost" your ideal home. Then when you are ready to submit an offer it should state you are seeking a 203k home loan for the improvements that are necessary. After that you need an approved FHA 203k lender who will help you with a proposal that puts together a detailed and approved format that shows the cost of labor and materials for each improvement and repair. The contractor that is chosen by you and lender is the one that puts this information together after working with the home buyer and lender.
As long as the repairs and improvements are below $35,000.00 including contingency and the property cost to be owner-occupied, then the buyer is eligible to use a streamlined loan. Your lender will determine the new loan amount with the equation: below the cost of repairs and improvements + the purchase price = new loan amount or up to 110% of the after improved value (whichever is less). At this point, your lender will have the property reappraised to reflect the increase in value to the property after the repairs and improvements are completed.
Before and After:
FHA List Infractions -- FHA Items for 203k
- Open wires
- Open plumbing
- Drywall holes
- Unfinished flooring
- Cracked windows
- Peeling paint
- Sink/faucets - hooked up?
- Cracked tiles
- Water in basement
- Rotted wood
- Water damage
- Missing doors/knobs
- Missing kitchen/vanity
- Unfinished siding
- Trip hazards
- Tuckpointing on chimney or porch
Other Items Often Chosen:
- Hot water tank
- City certification
- Furnace & A/C
- Downspout extensions
- Screen doors/ext doors
- Hardwood floor refinished
"We've hired Detroit Build for projects over the past several years with great results. Last year we found a potential dream home in Rochester Hills that needed a complete overhaul. We were really overwhelmed after looking at it. I called Seabrook and asked if he could look at the house with us and give us his opinion. He was there that day! Seabrook was able to give us an estimate on the spot for the entire project. The real estate agent was with us, agreed with his assessment and ultimately the owners came down $160k off the price. We bought the house, DB had the work done well ahead of schedule and came in under budget, even after fixing quite a few things the inspector missed. The house looks amazing and we couldn't be happier. I've recommended DB to a lot of friends over the years and will continue to do so. Thanks guys."