You Never Give Me Your Money

Food for thought (as opposed to the belly) - 83 % of homes in Cincinnati were built prior to 1970. That's a bit of an eye opener.

This figure won't hold up for all communities, obviously, but it is surprising and when you think about it, it presents a tremendous opportunity.

Hence, the 203K. Renovation lending. This concept was an eye opener for me so I'm fairly certain it is an eye opener for other Realtors(r) as well as regular people:>)

Here is a list of typical projects that Renovation lending could possibly cover. I say possibly because, as mentioned before, everything is subject to a feasibility study.
*Minor or major kitchen and bath renovations
*Cosmetic changes
*Exterior decking or fencing
*Garage addition
*Finish a lower level
*Doors, windows and siding
*Plumbing update
*Home office
*TWO STORY ADDITION!!
*MOVE A HOUSE!!

Holy moly, I wish I had known this when I bought my old, old, old 1865 house. (It was built the year Lincoln was assassinated. Think of that!)

The caveat here is that the home must appraise. For example: You find a home that you love, in the neighborhood that you love, and it is close to your work. The asking price is $150,000 but the furnace is older than the house, the kitchen hasn't been touched since June Cleaver wore pearls to clean house, and you could throw a cat through the bathroom wall.
First step: Get preapproved for a loan. Get an accepted contract. Make sure it contains the statement, LOAN IS SUBJECT TO FHA 203K APPROVAL AND BORROWERS ACCEPTANCE OF ANY ADDITIONAL REPAIRS AS MAY BE REQUIRED BY HUD, APPRAISER OF HUD CONSULTANT. A mouthful, yes, but it provides the borrower an out if the repairs are not feasible. Then take it to a lender that handles 203K's. Tell them what you would like repaired in the home. Then the borrower orders a feasibily study. This is where things get fun.

Okay, breathe, and decide if you are up for renovation....