I am looking to buy a primary residence in Detroit. I am interested in doing renovations myself as much as possible, even if it takes several years while living in the home. I've been researching 203(k) loans and HomeStyle loans, which fund renovations that make a home "habitable" and must be completed by licensed contractors. Since I am interested in whatever I can myself, I'd like to only have a contractor do what work is necessary to meet the loan habitability requirements. So, what is required for these loans? I assume this includes
- roof & windows
- working toilet, shower, sink
- electric outlets and lights
- working furnace and duct work
What else is required for these loans? How much interior finishing? Does there need to be a kitchen with appliances (sink, oven, fridge)? Can there be interior walls left stripped to studs? Unfinished floors (exposed subflooring)?
Additionally, in much of the housing stock in Detroit there is interior lead paint. Would removing / covering that be part of the loan requirement?