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  FHA 203(k)

WHAT IS A FHA 203(k) LOAN?

The 203(k) FHA Streamline loan program offers borrowers the resources to rehabilitate a home that may be in need of repair; either the home that they live in, or that special fixer-upper opportunity that you may want to buy, but you do not have the monies for the costly repairs. There would be one single FHA 203(k) loan that is used to pay for the purchase (or refinance) and the cost of renovating the home.

HOW MUCH MONEY CAN I GET FOR REPAIRS?

FHA's streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. To get approved, apply online. It's as easy as 1-2-3.

HOW DOES THE FHA 203(k) HOME BUYING PROCESS WORK?

Get started here! Get pre-approved. When you get pre-approved through FHA123.com, you have buying power! You will have an advantage over other buyers in the market. We can work directly with you and your licensed realtor.

  • You locate a fixer-upper and the contract is contingent on your loan approval based on additional repairs required to be made by the lender.
  • The appraisal is performed to determine the value of the property after the repairs.
  • If you qualify for the loan, the loan closes for an amount to cover the purchase or refinance cost of the property, the remodeling cost and allowable closing cost.
  • At closing, the seller is paid off and remaining funds are placed into escrow for the improvements.
  • The mortgage payments and remodeling begin after the loans closes.

LEARN MORE TODAY! We can help. Apply online and a mortgage expert with assist you.

 

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