For Sale By Owner — Serious home buyers only!
FHA 203(k) Renovation Loan Opportunity — $205,000 FSBO in Milford, OH
Looking for a home you can make your own? 4860 Teal Lane is a 3-bedroom, 2-bath ranch with strong bones, a great layout, and endless potential — all in a quiet, established Milford neighborhood.
This property is being sold as-is, and while it likely won’t pass a standard FHA appraisal due to minor wear from long-term tenancy, it does qualify for an FHA 203(k) renovation loan — a mortgage that lets you finance both the purchase and the cost of repairs into one loan.
Address: 4860 Teal Lane, Milford, OH 45150
Price: $205,000
Bedrooms: 3
Bathrooms: 2
Square Feet: 1,104
Garage: Attached
Lot: Spacious with Oversized Deck
Sale Type: For Sale By Owner (As-Is)
Why This Home Makes Sense:
• 3 spacious bedrooms and 2 full bathrooms
• Large living area and eat-in kitchen
• Oversized back deck and generous backyard
• Attached garage with storage
• Located minutes from Eastgate Mall, I-275, dining, and shops
• Comps in the area are $265K+ — giving you instant equity potential after renovations
Finance Your Vision with a 203(k) Loan:
You don’t need cash for repairs — just use an FHA 203(k) renovation loan, which allows you to buy this home and fix it up to your style with no extra money out of pocket. I’ve partnered with a loan officer who is experienced in this exact process and ready to help.
First, Contact Sharone Hoard at Fairway Independent Mortgage Corporation to apply and get pre-approved:
Sharone Hoard
Loan Officer, NMLS 278646
Phone: (513) 470-4795
Email: sharoneh@fairwaymc.com
Apply: www.loansbysharonehoard.com
Office: 200 Locust Street, Milford, OH 45150
This is a great chance to turn this good home into the perfect home, all with one affordable loan product.
Second, Contact me directly to schedule a showing or ask questions about the process. My name is Bruce, you can reach me directly at (513) 696-2098 to schedule a walkthrough or to request more info
FHA 203(k) Loan Qualifications for Home Buyers:
To purchase and renovate 4860 Teal Lane using an FHA 203(k) renovation loan, you’ll need to meet the following requirements:
1. Credit Score:
• 620 or higher
2. Down Payment:
• 3.5% of the total loan amount (purchase price + renovation costs)
• Example:
• Purchase Price: $205,000
• Renovation Budget: $30,000
• Total Loan: $235,000
• Down Payment: $8,225
3. Income & Debt-to-Income (DTI) Ratio:
• Your total monthly debts (including the new mortgage) should be 43% or less of your gross monthly income
• May allow higher DTI with strong credit or income
4. Property Use:
• Home must be your primary residence
• You cannot use this loan to buy a flip, rental, or second home
5. Property Type:
• Single-family home (4860 Teal Lane)
6. Renovation Requirements:
• Minimum $5,000 in repairs
• Must improve the home’s livability, safety, or energy efficiency
• Luxury upgrades (like pools or outdoor kitchens) are not allowed
• Work must be done by a licensed contractor (not DIY unless you’re licensed and approved)
7. Work Timeline:
• Renovation must start within 30 days of closing
• All work must be completed within 6 months
8. Work With an FHA-Approved Lender:
• Not all lenders offer 203(k) loans
• Sharone Hoard at Fairway Independent Mortgage Corporation is already familiar with this property and ready to help you get pre-approved.
