Make Any Home Yours:
We have partnered with Titan Home Loans, who is one of Florida’s leaders in FHA 203K and Fannie Mae Homestyle Renovation Loans. These little known and highly misunderstood programs have helped thousands of home buyers purchase properties at below market value, fix them up to make them their own, and walk into instant equity. In a housing market that is as competitive and scarce as our current one, having an option like this makes it possible to find/create your dream home.Get Started Today
How It Works:
The first step is a full approval for you. You will submit all income, asset and credit documents to Titan Home Lending. You will be approved for a loan amount within 24-48 hours and this approval will be provided directly to your C21 Beggins Agent. This approval will include all the information needed to write a contract.
Find The Right House
Your C21 Beggins agent will help to determine what neighborhood, school district, location and desired price range you're looking for. The 203k allows the you to increase bedrooms, bathrooms, family rooms and garages and almost any other type of improvement is allowed in an FHA 203K. This creates more options for you.
Get It Under Contract
Using their experience and expertise, your C21 Beggins agent will strategically draft an offer that will put you in the best position to get win the home and get it under contract. Because these homes often need renovation, there is typically less competition than more complete homes. This give you a better chance of winning.
Renovate & Move In
The contractor must start repairs within 30 days and has 180 days to complete them. Ideally, you will keep your old housing for at least 30 days to allow the contractor to complete the work before you move in. Let them get in, do the work, clean the property and then move in. Now, you have the exact home you wanted!
Some Quick Points:
Any owner-occupied buyer is eligible provided they have a 640 credit score, no late payments or collections in the last 24 months and meet normal FHA guidelines. There are no income restrictions or special qualifications needed.
The program can be used for “needed repairs” or “cosmetic repairs”. It can be used for room additions, bathrooms, or even adding a garage! Appraisal will be based on the “after-improved value”. -The property closes “as-is” and all repair funds are placed into an escrow account at closing with the lender.
All repairs are completed by licensed and insured contractors and the funds are released as the work is completed and inspected (1-5 draws payable to the owner and contractor).
Buyers with major renovations can include 1-6 payments into their loan so they don’t have to make payments and rent at the same time.
We have over 20 years of experience in FULL 203K lending, which has no limit to the repairs or improvements, and are one of the top originators of 203K’s in the state of Florida!
Example Of A Renovation Home Loan:
Sales Price: $150,000
Contingency Reserve: $6,000
“Soft Costs” (Inspections, permits, fees, plans, etc.): $1,500
Total Acquisition Cost: $223,000
Down Payment: $7.850
Base Loan Amount: $215,150