BILOXI - Homeowners can get an FHA loan up to $ 271000 to renovate their homes or become more energy efficient, local builder Michael Fearn told the Biloxi Council Tuesday.
Is sponsoring a seminar for employees of the city and people in the construction industry 0.479166666666667 a.m. to 0.0625 p.m. Tuesday in the building of the Community Development Biloxi, the 676 Dr. Martin Luther King Jr. Blvd. Places are limited.
Fearn said Rule 203 (k) program of the Federal Housing Authority loan provides money for repairs and upgrades of primary homes. The long-term, low interest loans also can be used to buy a house and make the repairs needed and to move or raise a home.
He said that after Hurricane Katrina, people had no money to make all necessary repairs.
"This allows them to do whatever to get their house in great shape," he said. Luxury improvements are not eligible, but the money can be used for new appliances, heating and air conditioning, roofs, wells and septic repairs, exterior paint and siding, additions, hardwood flooring, energy efficient doors and windows, solar collectors, people with special needs equipment and other enhancements.
The loan amount based on the estimated value of improved property. Fearn said loans can also be used to convert a single-family home into apartments and the renovation of the floors during a commercial property into apartments.
"Most people are familiar with the program," he said. He has conducted seminars for 450 real estate professionals and said it was important to educate people about the program and the availability of funds.
Thursday, December 1, 2011
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