Welcome to the Mike Young Team: Your Trusted 203k Consultants

An FHA 203k loan is a government-backed mortgage that allows homeowners to finance both the purchase of a home and the cost of its rehabilitation through a single mortgage. It's designed for homes in need of repairs or renovations, making it an ideal solution for buying fixer-uppers in North Carolina.

The Mike Young Team guides homeowners through the complexities of 203k loans. We provide a detailed project scope of work, bid the project for our clients, help select qualified contractors, and ensure all renovations comply with FHA standards, simplifying the renovation financing process in North Carolina.

Eligibility for an FHA 203k loan typically includes a credit score of 620 or higher, a stable income, and a down payment of at least 3.5%. Properties eligible for financing must also be at least one year old and require renovation or repair. This is a great question for your loan officer. We are not involved with the lending process; we just get the scope of work nailed down and, in most cases, provide you with a bid on your project prior to your contractor.

203k loans can be used for a wide range of renovation projects, including structural alterations, modernizations, and energy conservation improvements. However, luxury improvements like installing a pool are not covered under this loan in North Carolina.

Choosing the Mike Young Team ensures expert oversight of your 203k project, from initial consultation to final inspection. Our deep understanding of FHA guidelines and strong connections with reliable contractors in North Carolina ensure your project meets all requirements efficiently in North Carolina and all over the United States.

The duration of the 203k loan process can vary with each lender, but typically, it takes about 30-45 days from application to closing. Our team diligently streamlines the consultation part of the process, coordinating with the borrower and the contractor to expedite your home renovation journey.

A 203k loan can finance various property types, including single-family homes, multi-family properties (up to four units), and mixed-use residential units, provided they are at least one year old and located in North Carolina. It can even be an eight-unit building that you turn into four units or less. Once the construction is completed, It must be a 1-4 unit or mixed-use property.

Yes, the amount you can borrow with a 203k loan depends on the type of loan (either Standard or Limited), the appraised value of the property after improvements have been made, and the total cost of your renovation project, adhering to FHA loan limits in your North Carolina county.  https://entp.hud.gov/idapp/html/hicostlook.cfm

For your first consultation, prepare to discuss your vision for the property, your budget, and any specific concerns you have about the renovation. Together, we will build a "scope of work". 

The Mike Young Team is experienced in handling unexpected renovation challenges. We maintain constant communication with all parties involved and have contingency strategies in place to address issues promptly, ensuring the project stays on track and within budget.