Trust a top
IN PASADENA, CA
Are you a fixer-upper? If so, the allure of buying an old home, renovating it, and either living there or flipping it for a profit is very appealing. You do what you love, and you create a home for yourself (or earn when you flip it).
The problem is that homes take a lot of money to renovate – every contractor knows this. That’s where a Pasadena FHA 203k loan can come in. They are given to fixer-uppers who want to buy or refinance a house. The purpose of the loan is to cover the expenses accrued for renovation.
Contact Capital Source Financial today if you are a fixer-upper who is in need of funds for your new home renovation. We’ll help you understand the FHA 203K loan as it applies to Pasadena residents, let you know if you’re qualified, and help you get started as quickly as possible.
Call (866) 303-7050 or click buton below to get you started now.
Pasadena FHA 203Ks – What Qualifies?
Here is a short list of primary repairs covered with these loans:
Parts of the house, such as decks, roofs, floors, walls, bathrooms, plumbing, and siding
Additions to the house, like adding another room or a second story
Other necessities in a house, like heating systems and central AC systems
The only types of repairs that aren’t covered are “non-necessity” improvements that go above and beyond, like adding a pool or tennis court. In general, if something needs to be fixed so that the house is livable, it will be covered by a FHA 203K loan.
Do All Properties Qualify?
Not all Pasadena properties qualify for a FHA 203K loan, but most do.
- Single or multi-family homes (up to four) that have been completed for 365 days or more
- Any home that has been partially destroyed, either intentionally (by the previous owner) or unintentionally (natural causes)
- Any home that you are looking to move from point A to point B
- Some condos
Co-ops usually do not qualify, but that is the only exception. Contact us today and we will let you know for certain.
Steps to Apply + Loan Potential
Before you may receive funding, you will have to provide a coherent plan on how you plan to fix the home, and you often need to get an appraisal from an independent contractor that confirms your timetable and estimates. However, even though you have to put in effort to prove your concept, you usually do not need to put down a large down payment.
The amount you may receive is limited to a certain extent depending on the type of home you are looking to fix up. However, although limited, FHA 203K loans are usually sizeable enough to cover most of the repairs needed. The exact amount is determined by the “After Improved Value” – how much the Pasadena property will be worth on the open market once your work is complete.
Get started today by contacting Capital Source Financial. Tell us about your project and we will let you know if a FHA 203K in Pasadena is right for you. If it is, we will help you with the necessary steps required to prove your concept, and from there, help with all of the necessary paperwork to ensure that your loan moves along smoothly and you get the funds needed to turn your vision into a reality.
Click buton below or call (866) 303-7050 to get started now.