Mike Young's Blog (2)

Several people have asked lately about the use of the 203k to install handicap access ramps, widen doors, improve shower access... and one about having ramps removed. Yes the 203k can be used to improved handicap access... it is a no brainer... go for it. In addition there are organizations who will remove ramps for you for FREE if they can keep the ramps as they will use them elsewhere... keeping it GREEN. I have noted there are some people that feel that the value of a home is impacted by han… Continue

The 203k original guideline calls for two appraisals, an 'as is' appraisal and an 'after improved' value appraisal. In 1995 a change was made that saved the borrower money by doing an 'after improved' value appraisal and a single paragraph discussing the 'as is' value. that paragraph might look something like this... The value of the subject property is $250,000 subject to the completion of the attached 'scope of work" or "bid specifications of repair". The cost of the repairs is $50,000 therefo… Continue