One of the best pieces of financial news to hit the Charlotte mortgage and home buyer’s market is the FHA 203K home loan. Get The Lead Out® in Charlotte is working with lenders and home buyers because there are so many foreclosures on the market that need repairs.
203(k) loans will allow you to do repairs up to FHA limits, but have a minimum of $5,000 that goes toward repairs. This loan allows a customer to finance the purchase price, or the existing balance, and the cost of improvements into the loan amount. There is one closing and funds are held into an escrow account and dispersed as work is completed. The program has the same guidelines as the regular FHA program and can be combined with the HUD $100 down program. You can have up to 6 months to complete the work, which is very generous.
One of the approved uses for 203k loan funds is for the stabilization or abatement of lead-based paint. If the house was built prior t
o 1978, a lead paint inspection can identify the location of any lead paint. After we stabilize or remove the lead paint, our clearance testing will show that there is no hazardous lead dust remaining in the house.
Many of the 203k loans are used for the acquisition and remodeling of vacant houses. If a house has been sitting vacant for a time, mold might be an issue. We can test the house for the presence of mold, identify the type of spore, determine where the moisture is entering the house that is permitting the mold to grow, and recommend a removal action plan.
Over the next few weeks, Get The Lead Out® will be posting more information about this awesome FHA 203K home loan program available here in Charlotte. For lead paint, asbestos and mold inspections, please contact Pete Hubicki at Get The Lead Out® at 704-376-3594 or email peteh@gettheleadout.biz. We can assist you with the inspections and removal portion of your FHA 203K loan!
