Navigating Home Renovation and Building
In this Podcast episode, Jennifer Goldsby dives into the latest updates to HUD’s FHA 203(k) Rehabilitation program, which took effect on November 4, 2024. Jennifer breaks down what these changes mean for homeowners and buyers, including higher renovation limits on 203(k) Limited loans and extended project timelines that offer more flexibility. She also discusses the increase in Consultant fees and the impact this may have on overall costs and accessibility. If you’re considering a 203(k) loan or simply want to understand how these updates might influence renovation financing, this episode is packed with Jennifer’s insights and tips!
Takeaways:
- The renovation process involves getting pre-approved and finding a contractor.
- Building a new home requires a longer process and design considerations.
- Production builders develop land and build homes for quick occupancy.
- Custom builders allow for more personalized home designs.
- Financing options include construction loans and builder financing.
- Renovation loans may have higher interest rates due to complexity.
- Living through a renovation can be challenging for homeowners.
- Building a new home offers energy efficiency benefits.
- Contingency reserves are important for renovation projects.
Chapters:
- 00:00 Introduction and Background of the Speakers
- 02:13 Understanding the Home Buying Process: Renovation vs. New Build
- 10:03 Navigating the Financing Options for Home Buyers
- 15:25 Pros and Cons of Renovating a Home
- 22:45 Pros and Cons of Building a New Home
- 27:37 Introduction to the Podcast and Legal Disclaimers
