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HEY! We found this old church…lots of wood in the structure, lots of excellent character…but it does need LOTS of work.
Wondering if any of you have used a 203K loan, what do you think of the idea…and pros and cons…
Right now we’re in a two bedroom with four bouncy kids…the bedrooms are large so we’re alright, but as a stay at home mom I’M the one that’s starting to feel VERY cramped!
So…info…experiences with red tape etc…fixing things up….
Even if you haven’t used a 203K loan, but have transformed a structure into a home, your experience would be great in this discussion; so helpful!!!
thanks,
jonesie
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My experience is with working on one. If you get it, could you not move in until you have it livable? Slow and expensive (more) if you're there and hire it out. If you DIY you could be compromising your marriage. Whatever you do, planning is important. Some places weren't meant to readily turn into something else. Best of luck.
*We used a 203k loan through Continental Mortgage a few years ago to buy a duplex. Great loan. We got a 30 year fixed rate, and bought it down as far as would pay for the buy down after about 43 months. Now we're skinnin' and grinnin'. I have heard from other lenders that the 203k is really touchy to write, but Continental must have had their ducks in a row, 'cause we didn't have any problems at all. I have often thought a person could build a business around these rehab loans.
*I would like to help, but haven't a clue what a 203k loan is. I have considerable experience in turning one thing into another, retrofitting, and general improvisation. I would be interested in finding out what a 203k loan is.As for your project, my advice is dream your wildest dreams, and then get an engineer on your team for a sounding board. I don't know if you must deal with building officials, but all the normal considerations apply--structural integrity, energy efficiency, safety, artistic unity with the existing structure, and, of course, finances. Good luck. I will try to follow this thread, and will try to strike if I have any useful info for you.
*Since Jim brought this up a while back I have been researching. Look here http://www.hud.gov/fha/sfh/203k/sfhrehab.htmlKK
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Hi again,
thanks for the tips and opinions. My biggest kink is the concept of stress in the family while trying to make a building into a home!
I understand the 203K deal and all, and will comment that they were extremely complicated until the mid 80's I think when it was re-written and made more do-able for us regular folk...although most lenders don't do them unless it's one of their specialties! I guess it's still a pain since the one lender I spoke with said that they deal in them specifically!
Anyway, if you have comments regarding the changing of one thing to another and how/where you lived while waiting and when you made time to work on it. Some things we can do ourselves or have family who are plumbers/electricians...then again do we want to be beholden to family...hmmmm...that may be another subjecT~~~!~~!!
thanks again...more is better... except fat!
rachel
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Thanks for the 203k link, kkearney. And Rachel, if you have family that can help and are willing, I wouldn't hesitate asking. So what if you're beholden to them. You will be beholden to whomever you hire ($$$), and you might just knit the family a bit tighter. Later on, you can help 'em back.
It might be possible to get a bare-bones living space in the structure so that you can move your family in, and then work on it as time and resources allow. Many people do this. You live with a mess for awhile, but there are a few things to be learned amidst clutter and chaos.
Good luck.
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Jonesie,
I have lived in several different projects and it does stress the family, and expose them to a lot of associated dust and debris that they otherwise would not get. But the adult who remembers growing up in a converted church will be a person who knows that what seems like a limitation can be made into an opportunity.
I did a 203K loan and it was very successful for me, extra layers of administration and organization but it allowed me to get a loan on a house that most folks thought should be torn down.
If you get into a radical renovation that you have to live in, I suggest completely finishing some areas and then separating effectively the areas that remain under construction. The more separation you can achieve the better, especially for whomever is doing the actual work; it is very difficult to clock out when your sleeping on the jobsite.
Go for it, you'll be glad you did.
Chris Young
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HEY! We found this old church...lots of wood in the structure, lots of excellent character...but it does need LOTS of work.
Wondering if any of you have used a 203K loan, what do you think of the idea...and pros and cons...
Right now we're in a two bedroom with four bouncy kids...the bedrooms are large so we're alright, but as a stay at home mom I'M the one that's starting to feel VERY cramped!
So...info...experiences with red tape etc...fixing things up....
Even if you haven't used a 203K loan, but have transformed a structure into a home, your experience would be great in this discussion; so helpful!!!
thanks,
jonesie