203k Renovation in Action!

Here are some pictures of what can be accomplished with a 203k rehab loan, courtesy the Simone Group at YWGC Realty. Enjoy, these are quite impressive.

Exterior View

Interior View

Also, you may have many questions about how a 203k loans works. A great place to start is this FAQ from 203k Services. Here's an example:

Do I need a Licensed Contractor?

You do not “always need” a licensed contractor to do some home repairs, however, you will need a licensed contractor to provide a copy of their Maryland Home Improvement License (MHIC) and a copy of their Insurance along with a signed Construction Agreement must be submitted to your Lender before you can get final loan approval.

Your Lender has some discretion to approve or not approve your requested Contractor. Be sure to look for reputable Contractors as these are the people who will make your house a home you can live in.

You should request to be added to their liability and worker’s compensation policies as an “Additional Insured” so you can receive written notices of any changes to their policy. Otherwise they can cancel their policies and you would never really know.

We'll be posting more pictures and providing updates in the coming weeks so keep checking back. If you have a question that you would like us to answer in a blog post, send us an e-mail by clicking here!