Get a FREE quote on a FHA 203K Loan & instantly make more homes available with the ability to finance the purchase of your new home and renovation all in one mortgage!
An FHA 203K loan is a loan backed by the federal government. In a market where there is a low inventory of homes for sale, an FHA 203k loan instantly makes more homes available to home buyers. How does it do this? An FHA 203K loan allows borrowers to get financing on a home that would not qualify for an FHA loan. It does this by financing up to 96.5 of the purchase price of the home and renovation. 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) an up to 10% 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 about 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 tools and expertise that will help guide you along the way, starting with our FREE 203K Loan Qualifier
We'll help you clearly see 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:
The main benefit of these loans is that they give you the ability to buy a home in need of repairs that you might not otherwise have been able to afford to buy. Plus, the down payment requirements are minimal (3.5% down), and often you get decent interest rates.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
