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Both Home Buyers and current Homeowners can qualify for the 203k Loan. Whether you’re a first time Homebuyer or Not you qualify as long as you plan to occupy the property.
The amount you can borrow on the FHA 203k loan is based on the location of your property. There are low cost and high cost areas all throughout the U.S and all maximum loan amounts can easily be found by zip code over at the HUD website.
Almost all types of repairs and renovations are covered by the FHA 203k Loan. Whether your home improvement projects are small or large they can be covered using this type of financing.
Yes, applying first with an FHA 203k lender will allow you the option to use FHA financing with or without Home Improvement funds so that you don’t have to start the loan approval process all over again
The FHA 203k allows you to finance your home while at the same time include the repairs and renovations all into one loan. The amount financed is based on the future value of your home with all the improvements completed. All work is done after your loan closes and you have up to 6 months to complete all the work.
If the property you are looking to finance is in need of repairs or renovations then using an FHA 203k loan is an ideal way to accomplish your goals. There are also other loan programs such as the Fannie Mae Home-Style, the Freddie Mac Choice and the V.A renovation loan that can also be used to buy or refinancing and fix up your home all in one loan.
FHA 203k loans have a minimum down payment of 3.5% but unlike the FHA loan without the funds for improvements the 203k down payment is based off the total amount which includes both the purchase price and the improvement costs combined.
Yes, the Lenders listed here can also offer you the Fannie Mae Home-Style, Freddie Mac Choice and the V.A renovation loans as well. These other rehab loans will also allow you to Purchase or Refinance with repair and renovation funds rolled into one home loan. For both owner occupied and non-owner occupied properties.
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A Home Owners Guide to the FHA 203K Loan
With the FHA 203K Loan You Can:
Upgrade & Remodel
Repair or Replace
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