A Great Combination: The Historic Charles E. Roth House and the FHA 203k Renovation Loan
Adam and I are hosting a tour and presentation of the historic Charles E. Roth house—the subject of a previous blog post—focusing on the use of the FHA 203k Renovation Loan. Built in 1907, the Roth House is located at 3937 Rose Hill Avenue in the Cincinnati neighborhood of North Avondale. It is for sale, needs restoration work, and is an excellent candidate for this type of financing.
The event is Saturday, March 23, 2013 from 12-2 pm. There will also be a 203k mortgage expert, Rob Diederichsen of PrimeLending, on hand to answer any questions.
We believe that many people would love to live in an historical home. However, the costs of purchase and restoration can oftentimes interfere with the home’s affordability for many buyers.
Whom among us has gone to an Open House to see a big, old, gorgeous home but was completely overwhelmed thinking about what it would take to restore it?
Most home buyers, and surprisingly many realtors, are unaware of the existence of the FHA 203k Renovation Loan as a solution to this problem. The benefit of this loan is that it covers not only the cost of the property but also the cost of necessary home repairs.
Here are some highlights of the FHA 203k Renovation Loan:
1) Under the 203K plan, the down payment requirement is low and homeowners can borrow up to 110 percent of the appraised value of the home.
2) Funds are released as the restoration work is being completed, which allows the work to start immediately.
3) The home is insured in its current condition while the restoration work is being carried out.
4) Homeowners whose homes need improvement can also refinance with these loans.
5) A wide range of repairs, including room additions, bathroom remodeling, roofing, flooring and air conditioning systems can be funded with 203k loans.
Restoring an old home offers enormous potential. By taking advantage of a renovation loan, homeowners can live in a place that offers a real sense of history. Buying an historical home is also a good financial investment: since there is a limited supply, they almost always go up in value.
So please join us at the Roth house for more details about how to use the 203k Renovation Loan and a tour of this one-of-kind-home. It’s a great combination…like chocolate and peanut butter!