203K Loans

Make your new or existing house the home of your dreams with an approved FHA renovation loan, insured by the Federal Housing Administration.

There are two versions of 203k loans. A 203K Streamline is best for when repairs come to less than $31,500. The "full k" or standard 203k, can cover up to $625,500 for the purchase price and repairs.  

  • Low down payment requirements
  • Relaxed guidelines

The standard 203K option is best for major structural repairs such as room additions, foundation repairs, fire damage, flood damage or major site improvements.

 

How Can You Benefit From 203K Loans

The streamline 203K option is best for non-structural repairs and may allow you to qualify for a loan amount up to $35,000 (requires a reserve fund for 10%). These non-structural repairs would be repairs such as new paint, carpets, appliances, kitchen or bathroom remodels, plumbing, electrical work, and/or HVAC or septic systems.

 

Borrower Benefits

  • Turn an average home into a dream home. Qualified homebuyers can improve less-than-perfect homes in desirable locations or address property shortcomings immediately without draining your savings.
  • Make the home your own — removing the previous owner’s style. Everyone has different tastes — you don’t have to live with the previous owner’s choices.
  • Fix things the previous owner may have ignored — windows, roof repairs, etc.
  • Get more house for the money. REOs and foreclosures are still a large part of the real estate inventory. Buyers can take advantage of reduced home prices.
  • Rolling rehabilitation costs into the mortgage allows borrowers access to repair funds at lower rates.

 

Product Eligibility

  • Down payment as low as 3.5% of total amount of purchase plus costs of repairs
  • Gift funds are allowed
  • Seller may contribute 6% of purchase prices toward closing cost and pre-paids
  • Purchase of owner occupied primary residence
  • Commercial properties are not eligible
  • Required $5,000 minimum renovation cost

Take The First Step and Get Pre-Qualified Today!

Pre-Qualifications are an important step in today's real estate market. They show sellers that you are qualified to buy their home and that your offer should be considered above other, less serious offers.

Did you know you can secure a mortgage by filling out one of our fast and easy online applications?

Once your application is filled out we assign a Loan Processor to verify the financial information on the application and to make sure you have everything you need to proceed.

To learn more about the mortgage process and the other steps to buying a home fill out this form below to download the FREE Guide!
home-buyers-guide

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