The 203(k) program provides the opportunity to add a sizable amount of money into a mortgage, over and above the agreed purchase price of the home. For example, if a house were sold for $100,000, but the buyer estimated an additional $20,000 needed for renovation, the mortgage could be arranged for $120,000--giving the buyer immediate access to a $20,000 fund which would then be paid back with interest over the term of the loan.
This sounded perfect for us, as we could see the incredible potential in the house but weren't crazy about living in it for 5 to 10 years (or longer) before fully realizing that potential. Our friends had nothing but praise for the 203(k) process, and they were putting the finishing touches on their house around the time we applied for the program. We were approved and had taken one giant step toward becoming homeowners.
So it seemed the time had come to put our minds to work--figuring out how we would actually change this house to make it our own. Our exposure to mid-century modern homes was fairly limited, so we began to research the history of this style, studying the most influential architects of the period, and grasping the core principles of their design. Our goal is to update this house responsibly--a desire that has apparently not been shared by some of its previous owners.