• Quiana Williams | Gustan Cho Associates Mortgage

California FHA 203k Loans Guidelines For Buyers Of Fixer Uppers (or Home Renovations)

Demolition or Renovation: Advice for California homeowners contemplating demolishing their California homes or renovating their California homes with a FHA 203k Loan

California has one of the highest housing prices in the nation.

  • Average home prices in the state of California is $437,873 versus the national average of $228,900

  • As the economy nationwide is booming, so is the housing market in California

  • Both HUD, VA, and the Federal Housing Finance Agency (FHFA) realized this

  • HUD and FHFA has has increased FHA, VA, and Conforming Loan Limits in all counties in California including high cost areas for two years in a row

  • As California’s housing stock ages, home owners are making decisions when purchasing an older home, “do I knock down the existing structure and rebuild new, or do I renovate”

  • California FHA 203k Loans are more popular than ever

  • Never since the inception of California FHA 203k Loans has the interest of California FHA 203k Loans been so popular

  • FHA 203k Loan applications in California has been going up double digits every year since 2012

Kitchen remodel - Before
Kitchen remodel - During demolition