Makeover HUD Consulting - Jerry Adamson - Nothing Needed to be Done! Wants and Wishes Only! - New Palestine, IN - FHA 203k
11/30/2023
Consultant - Jerry Adamson #A1162 - Makeover Consulting and Inspections
Contractor - Bill Ingram - B and I Construction
Lender - Sally Smith - Rouff Mortgage
Realtor - Hellena Robinett - Century 21 Scheetz
The FHA 203k is not always used for problems, issues, and a run-down home. There are times when someone just wants some updates! Here is a great example of a home that didn’t NEED anything but the borrower WANTED a lot. All new kitchen, bathrooms, laundry room, and flooring throughout the home really gave this house a pop and a splash of NEW!
Why would someone buy a perfectly good house and then roll $60,000 into the mortgage? Some people prefer to keep their cash in their pocket rather than shelling it all out on a reno. Using the 203k, this borrower was able to pay 3.5% of the total project rather than the full cost! It is a lot easier to pay for a renovation over 30 years than a few weeks!


Reno Cost $59,000
Drywall - $900
Closets - $3,500
Finished Flooring - $19,000
Bath Accessories - $4,500
Plumbing - $2,000
Electrical - $700
Cabinets and Countertops - $15,000
Appliances - $6,000
Change Order - $5,000