This home came to us as a 203(k) project. A 203(k) is a loan provided in a mortgage that pays for the value of the home, the estimated value of the home after repairs and renovation is made to the home as well as the job cost of the repairs and remodeling of the home. In many cases, a 203(k) loan can give you instant equity in a home where remodeling the home increases the value of the home beyond what the initial estimate of the home's value after it is completed.
A 203(k) loan is not something to take lightly. You need to carefully consider your options when purchasing a destressed property and consult with a loan officer as well as a licensed contractor when considering thit type of a loan. We believe this house is an absolute success for the buyers who have more equity now in this property than its initial valuation and the valuation after the remodeling job Alan Soucy Home Improvement did.