10 Home Improvement Projects You Can Pay for with FHA 203k in Ohio

Whether you’re buying a house or you want to improve your current home, a home improvement loan like the FHA 203k can be your saving grace. Between the 203k Streamline and the Full 203k, there aren’t many projects out of your reach. In fact, so many projects are eligible for 203k financing, it’s easier to say what’s NOT covered. However, in the spirit of drumming up some design ideas for your home, we wanted to share a few ideas to help get the creative juices flowing.
Here’s a list of 10 home improvements to finance with the FHA 203k in Ohio:

 

 

1. New windows. Upgrade your old windows with vinyl replacement windows and help keep your energy costs down.
2. Repair or replace your roof. Ohio weather can wreak havoc on a home’s roof. Rain, wind, snow and ice can really damage the shingles and wood underneath.
3. Repaint your house. That same weather can also damage the exterior paint of a home.
4. New siding. Tired of the old wooden or aluminum siding on your Canton house? Replace it with all new siding. While you’re at it, put new insulation under the new siding.
5. Waterproof your basement. Mold removal and basement waterproofing can be financed with the FHA 203k.
6. Build a deck. Enjoy the Ohio summer with a deck on your current home or a house you’re looking at buying. This could vastly improve your standing among your friends as “the cool friend.”
7. Build a porch. Sometimes a deck just doesn’t cut it. You could add a porch to your Akron house and enjoy the great summer evenings with your family.
8. Kitchen remodeling. New counters, cabinets and appliances can all be a part of your new life in this home with the FHA 203k.
9. Convert or add a bathroom. Who couldn’t use an extra bathroom in the house?
10. Make your home match your style. From flooring to interior paint, redecorating your house with major home improvements can turn a house that used to be someone else’s into your dream home.

 

The great thing about the FHA 203k is that the added cost to the mortgage is quite low. You’ll pay about $6 a month more on your mortgage for every $1,000 in work you finance. So a $30,000 home renovation project with a new kitchen, new paint and a deck will add about $180 to your monthly house payment. And because the improvements increase the appraised value of the home, it’s worth more if you want to sell. When (and if) you decide to sell, you pay off the improvements with the higher sale price. In other words, you don’t take the debt with you like you would if you use store credit, credit cards or an unsecured loan.
Want to learn more about your renovation financing options? Download “The Ultimate Guide to Ohio Home Improvement Loans” at the button below. The free guide takes you through the process so you’re a more informed consumer. Get your copy today, courtesy Holland Remodeling & Building.

 

 

 

This is a guest post from Dan Moyle with AmeriFirst Home Mortgage. AmeriFirst is a leading FHA 203k lender. Dan has written hundreds of articles as the inbound marketing expert for AmeriFirst. Find the AmeriFirst blog here.

(Hammer photo: Flickr user Erich Ferdinand)

Randy J. – Orrville Ohio

Just writing to let you know that you guys did a great job on the new room in the basement. Rob did great work, and was helpful with good ideas on how to approach the job. Thanks!

5 Ways to Use the FHA 203k in Ohio to Get Your Dream Home

Ohio first time home buyers have enough to worry about. You don’t need to worry about finding your dream home, too. Driving from neighborhood to neighborhood from Akron to Medina can get tiresome and frustrating. Instead of the headache of going from Canton to Cleveland and back again, you can find an average house and turn it into your dream home with the help of the right mortgage program and the right contractor.
Fortunately, you’re reading a contractor’s article right now. You’re halfway there. Now let’s look at how the mortgage program shakes out. A few options include a home equity line of credit, borrowing from family and the FHA 203k home improvement loan. We all know how working with family typically goes, so let’s skip right to the other options.

 

Home equity line of credit vs. FHA 203k

A home equity line of credit (HELOC) is a loan/line of credit you take out on a home after you own it and you have equity built up in it. This means as soon as you buy it, you can’t really have one. At this point you have little-to-no equity built up in a home you’ve just bought. Yes, sometimes you can get a great deal on a home less than “what it’s worth.” However, this often means the house needs a little (or a lot of) work. So the appraisal will likely come in lower than you think until the the work is done and the home is worth more.

This is where the FHA 203k option comes into play. Did you know that an Akron-area home could sell for $90,000 but actually be worth $140,000 if you only put about $20,000 worth of work into a new kitchen plus a few other improvements? The FHA 203k can help finance that work into the cost of the mortgage, based on the after-improved value of the home once the work is done. In other words, your appraisal takes into account the improvements before they’re done!

 

So imagine being a first time home buyer, finding a home within your price range that could use a few home improvements. Once a professional takes care of the work, your home is worth that increased appraised value. But that’s just the icing: your house is now your dream home. Whether it’s a new kitchen, up-to-code flooring, new paint, a deck, a mold-free home or an all-new paint job inside and out, the house is more than a building. It’s yours. With that in mind, read these 6 ways you can use the FHA 203k in Ohio to get your dream home.

 

1. Make a man-cave. With 203k financing you can waterproof and upgrade your basement. This means you can turn it into a man cave with nice chairs, carpet and more! (some upgrades like TV’s aren’t eligible, but running an electrical system is)
2. Add a deck to make your house a fun place to go. A nice deck makes cookouts, parties and gatherings better. You can finance a deck replacement or new deck, or a screened-in porch with the FHA 203k.
3. Protect against the elements with new windows. Whether it’s the Ohio winter or the summer heat, good windows are a must. Windows are covered! You could get all new vinyl replacement windows and roll the cost right into the cost of the mortgage.
4. Add that extra bathroom. Maybe you have kids and want an extra bathroom. Maybe your wife needs the space, or your husband needs his own “throne.” Whatever your reasoning, an extra bathroom is a good idea. The Full 203k covers adding an additional room.
5. Repair or replace a roof and gutters. Roofing isn’t exactly a fun pastime. Instead of passing on a home that could use roof work, you can finance all of it right into an FHA 203k mortgage payment.

 

Learn more about the FHA 203k and other financing options for renovation financing with “The Ultimate Guide to Home Improvement Loans” from Holland Remodeling & Building and AmeriFirst Home Mortgage. The guide breaks down costs and other options when it comes to upgrading your Ohio home. Don’t get stuck with an average house – get your Ohio dream home!

 

 

*You can also refinance and improve your current home with the FHA 203k. We’ll cover that another time!

 

This is a guest post from Dan Moyle with AmeriFirst Home Mortgage. AmeriFirst is a leading FHA 203k lender. Dan has written hundreds of articles as the inbound marketing expert for AmeriFirst. Find the AmeriFirst blog here.

When Disaster Strikes in Ohio

When Disaster Strikes

Whether it’s smoke or fire damage, a bad storm or other water damage, when it comes to your home you want it back to normal as soon as possible. While we can’t bring back the irreplaceable, we can get right to work on the rest. So the question is: “When disaster strikes, where do I start?”

 

At Holland Remodeling and Building, we want to help get you back in the home you loved. We get right to work efficiently and quickly so you can get back to life. As northeast Ohio’s premier builder and remodeling company, we have experience in reconstruction, restoration and other emergency construction services. We make sure a skilled craftsman works on your project, because we know it’s precious to you. Our projects leaders have at least 10 years experience. Most have well over that.

 

At Holland Remodeling & Building we take time to become part of your team so the restoration process runs smoothly and accomplishes what you picture. Remember: Your satisfaction is our number one priority. When quality matters, count on Holland Remodeling & Building.

 

Let us know if we can help get your home back in order after a fire or natural disaster. Contact Holland Remodeling & Building today.

Rob & JoAnn G. – Solon Ohio

I just wanted to convey to you how JoAnn and I appreciate Holland Remodeling and Building at our home: JoAnn can’t stop raving about how kind, considerate, professional and hardworking your people and tradesmen are. I second that, and appreciate the diligence to do it right. Joe Soucek, Rob Bailey and Bob Lowry, along with their respective crew, are doing a great job.

In my humble experience, quality starts with the leadership of any business, so you must be doing many things right! Please accept my appreciation, and share it among your group.