Get a FREE quote on a 203k Loan & fix that home up in a hurry!
An FHA 203k loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it. Here's how it works: Let's say you want to buy a home that needs a brand new bathroom and kitchen. An FHA 203k lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom.
Often the loan will also include: 1) up to a 20% contingency reserve so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested and/or 2) a provision that gives you up to six months of mortgage payments so you can live elsewhere while you're remodeling, but still pay the mortgage payments on the new home.
We're here to make the 203k home loan process a whole lot easier, with the tools and expertise that will help guide you along the way, starting with our FREE 203k Loan Qualifier.
We'll help you clearly see the differences between loan programs, allowing you to choose the right one for you whether you're a first time home buyer or a seasoned investor.
Here's how our home loan process works:
A 203k loan can be a great option if you want to purchase or refinance a home that needs repair or renovation. Instead of financing the home and improvements separately, a 203k loan can combine the purchase price (or existing mortgage) and renovation costs into one loan. This can allow you to buy a property that may not qualify for traditional financing because of its condition, while financing improvements such as kitchens, bathrooms, flooring, roofing, and more. For the right borrower and property, a 203k can turn a fixer upper into the home you want with one loan and one monthly payment.
Mortgage rates change every day, and your rate will vary based on your credit score, loan program, and other factors. Get your FREE customized rate comparison below:
