Wells Fargo 203K Renovation Loan

THis is about the Wells Fargo 203K renovation home loans. It is for home buyers wanting to use FHA (3 1/2% down) financing to buy short sales, foreclosures, or outdated homes and fix them up.

Category:

Entertainment

Tags:

• foreclosure
• short sale
• home buying
• mortgage loans
• home loans

[CCUnderwood1]

You can use it for pools, I am not sure if you can use the streamlined version, but you can definitely use the full version. You can use 203K for any cosmetic or structural renovations. It will depend on the appraisal value, your overall loan qualifications, and the which version.

[slvonb]

ArchNME is correct. It cannot be used for luxury items. Per FHA:

Luxury items and improvements are not eligible as a cost rehabilitation. However, the homeowner can use the 203(k) program to finance such items as painting, room additions, decks and other items even if the home does not need any other improvements. All health, safety and energy conservation items must be addressed prior to completing general home improvements.

[slvonb]

ArchNME is correct. It cannot be used for luxury items. Per FHA:

Luxury items and improvements are not eligible as a cost rehabilitation. However, the homeowner can use the 203(k) program to finance such items as painting, room additions, decks and other items even if the home does not need any other improvements. All health, safety and energy conservation items must be addressed prior to completing general home improvements.

[hbruhner]

Good job CC! I love that a Realtor is showcasing this loan. Your lender must be pleased. Have a great day and good luck to you.

[ArchNME]

I don't think you can use a 203k loan for a pool because that's considered a luxury item.