Q: Is there an easy way to finance the conversion of a home to handicap accessibility?
A: Well, I’m not sure that there is an EASY way, but there is definitely a mortgage product for that. It’s called a 203(k) loan, and it’s an FHA loan product. It can be used for either a
purchase, or also on a refinance.
Essentially, it allows a borrower to add the cost of repairs to a mortgage, so that they can be financed over time. On the streamlined plan, you can borrow up to $35,000 over the sales price for repairs or remodeling, as long as the appraisal will support it.
Here is how it works: An appraiser will do an “as is” appraisal, and then an appraisal that factors in your proposed repairs. As long as the improved value can be substantiated, you’re good to go! You must begin the work within 30 days of closing, and complete it within 6 months.
You could use a 203(k) loan to retrofit for handicap, or to remove it and restore a home to its previous condition (removing wheelchair ramps and grab bars, for instance).
There are lots of nuances to these types of mortgages, and it’s important that you work with a local lender who specializes in this product.
Are you interested in more infomation? Email us at concierge@lizmoore.com, or click below, to meet with a Senior Specialist and we’ll hook you up with a reputable loan officer that is experienced in 203(k)’s.
Are you interested in hot real estate topics, tips and trends?
Click below to subscribe to our blog!
Stay up to date
Browse Posts
- October 2026
- September 2026
- July 2026
- June 2026
- May 2026
- April 2026
- February 2026
- January 2026
- July 2025
- May 2025
- April 2025
- March 2025
- February 2025
- January 2025
- October 2024
- September 2024
- August 2024
- July 2024
- June 2024
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
Browse by topics
- Buyers (14)
- Locals - 101 Reasons (0)
- Sellers (7)
- Williamsburg (1)
- New Homes (0)
- Home Sale Statistics & Trends (6)
- Community (47)
- event (0)
- Newport News (0)
- lizlocal-richmond-realestate (48)
- lizlocal-williamsburg-realestate (49)
- lizlocal-peninsula-realestate (44)
- York County (0)
- events (0)
- Richmond (0)
- lizlocal-NorthernNeck-realestate (42)
- Fords Colony (0)
- Home Page (0)
- event-Peninsula (0)
- Hampton (0)
- Neighborhood Spotlight (4)
- lizlocal (0)
- event-Williamsburg (1)
- event-Richmond (0)
- Poquoson (0)
- Seniors (8)
- lizlocal-richmond-community (21)
- lizlocal-williamsburg-community (22)
- About (27)
- lizlocal-Peninsula (0)
- careers (1)
- lizlocal-Richmond (0)
- Investors (0)
- lizlocal-Peninsula-community (18)
- lizlocal-Williamsburg (0)
- lizlocal-NorthernNeck-livelocal (13)
- relo-richmond-local (0)
- relo-williamsburg-local (0)
- relo-peninsula-local (0)
- Military (0)
- lizlocal-NorthernNeck-community (15)
- lizlocal-peninsula-livelocal (11)
- lizlocal-richmond-livelocal (12)
- timeline (0)
- MarketTalk (18)
- lizlocal-williamsburg-livelocal (12)
- Rivers Bend at Uncles Neck (0)
- Peninsula (2)
- Monticello Woods (0)
- 55+ (9)
- Downsizing (9)
- New Kent (0)
- Perkinson Homes (0)
- buyer (4)
- Oaks at Fenton Mill (0)
- WYD1 (8)
- commercial (8)
- lizlocal-NorthernNeck-food_and_drink (5)
- RVA Home Building (0)
- WYD3 (7)
- buy (7)
- lizlocal-richmond-food_and_drink (4)
- relo-richmond-news (0)
- WYD4 (6)
- WYD5 (6)
- golf (0)
- relo-peninsula-news (0)
- relo-williamsburg-news (0)
- Brickshire (0)
- Kingsmill (0)
- Quarterpath (0)
- WYD2 (4)
- Westport (0)
- land (0)
- Braemar Creek (0)
- Chesterfield (0)
- Hilton Village (0)
- Kiln Creek (0)
- New Town (0)
- Patriots Landing (0)
- Queens Lake (0)
- Village Park (0)
- lizlocal-peninsula-food_and_drink (1)
- lizlocal-williamsburg-food_and_drink (0)
- waterfront (0)
- 101 (0)
- Colonial Heritage (0)
- Coventry (0)
- Governors Land (0)
- Greensprings West (0)
- Port Warwick (0)
- Smithfield (0)
- Stonehouse (0)
- Virginia Beach (2)
- White Hall (0)
- seller (1)
- Brandermill (0)
- Brandon Woods (0)
- Data Centers (1)
- Greater Richmond (1)
- Hallsley (0)
- Hampton Park (0)
- Hampton Roads (1)
- Hanover (0)
- Home Values (1)
- Homeowners (1)
- Merrimac Shores (0)
- Midlothian (0)
- Norfolk (1)
- Real Estate Trends (1)
- Running Man (0)
- The Greenlands (0)
- The Settlement At Powhata (0)
- Villas at Oxford Run (0)
- West Point (1)
- Woodlake (0)
- kensington Woods (0)
- lizlocal-richmond-liz_local (1)
- lizlocal-southside-livelocal (1)
- press release (1)
- the point on fishers creek (0)
Liz Moore & Associates is a boutique real estate agency renowned for having the region's top agents, with extensive market knowledge and local expertise that is only achieved through relentless training coupled with Liz's extremely high standards for professionalism. When you're buying or selling a home, experience matters.
