This has the same parameters as an FHA Mortgage with the exception that you can borrow additional money to remodel or repair the property.

The 203(k) loan program offers borrowers the resources to rehabilitate a home that may be in need of repair, either the home that they currently live in, or that special fixer-upper opportunity. One single loan is used to pay for the purchase (or refinance) and the cost of renovating the home.

Made available to certain lenders by the U.S. Department of Housing and Urban Development (HUD), the FHA 203(k) program has already provided many buyers with the funds necessary to buy their first home, or greatly improve a move-up home. The FHA 203(k) loan is available to borrowers of all income levels, to homeowners who plan to occupy the house, and for homes with one to four units.

203K Eligible Borrowers:

• Owner Occupants - Purchase - Refinance
• Non- Profits
• Investors NOT allowed
   

Types of 203K Loans:

• 30 or 15 year fixed rates
• One year ARMS
• Assumable to a qualified buyer, with no money down
   

Eligible Properties:

• Single family dwellings
• Condominium
• Townhouse
• Mixed Use (Storefront)
• 1-4 Unit buildings- you can increase or decrease the number of units with this loan.
• Structural Alteration and Reconstruction

Contact us today to find out more about an FHA 203K mortgage on your next home.