Homeowners are now facing the ability to purchase homes at a significant discount due to the homes either being bank owned (i.e. foreclosures or REO) or the home is damaged or needs major upgrades. The homes fall into a category called 203K renovation loans. As a renovation contractor, North Georgia Roofing & Property Renovations will walk through the process of getting the repair estimate approved and then begin the construction needed to get the house turned into your home. We are a licensed general contractor that provides residential and commercial construction, renovation and remodeling services.
Many homes that have been foreclosed on are vacant for some time and can be victim of vandalism. Some of the damage can be unseen upon an inspection. North Georgia Roofing and Property Renovations will put the home back together easier and quicker than you would think. We have done multiple projects that require re-plumbing, rewiring or replacing the HVAC system.
203K Loan History
In 1965 HUD was created to increase availability of quality affordable housing that was sustainable. In 1932, the FHA was created within HUD to increase home ownership during the Great Depression by providing mortgage insurance to its approved lenders. FHA stimulated the economy by increasing home ownership and development. 203k is the main loan program for rehabilitation and repair of single family homes and is offered by FHA-approved lenders.
