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 which can over up to $625,500 for the purchase price and repairs.  

  • Low down payment requirements
  • Relaxed guidelines

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

Streamline 203K option is best for non-structural repairs and can 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

Related Posts

How Do FHA 203(k) Loans Work?
May 15, 2017
How Do FHA 203(k) Loans Work?

FHA 203(k) loans are designed to help people fund home remodeling projects. These loans can either be used to fund upgrades to your existing home or to allow you to purchase...

Read More
What Does a 203(k) Loan Do?
April 10, 2017
What Does a 203(k) Loan Do?

A 203(k) loan is a type of home financing that is available to anyone who needs to renovate a property. Whether you want to upgrade your current home or plan to buy a...

Read More
Buying a Fixer Upper: Is it Right for You?
January 19, 2017
Buying a Fixer Upper: Is it Right for You?

Choosing the home you’re going to live in is one of the biggest financial decisions you will ever make. Being a homeowner is a huge commitment that comes with a lot of...

Read More
How to Find the Best FHA 203(k) Lenders on Long Island
October 20, 2016
How to Find the Best FHA 203(k) Lenders on Long Island

Many FHA 203(k) lenders are located on Long Island. If you want this type of loan, you should definitely go to the most reputable mortgage company you know so your...

Read More