|Down Payment ||3.5% of the final loan amount |
|Terms ||30 years, fixed |
|Credit Score ||640 minimum |
|Mortgage Insurance ||Yes |
|Maximum Loan Limit ||Yes, varies by county |
The FHA 203k loan program is a secure, government-backed mortgage program suitable for most borrowers. It offers the benefits of easy credit qualifying, low closing costs, and competitive rates.
There are two types of FHA 203k loans based on factors like the current property value, repair costs, and the estimated properly value after the renovations.
With a regular 203k, the maximum amount of money you can borrow is less than these two amounts:
- Current value of the property, plus the repair costs
- 110% of the estimated value of the property once improvements are done
With a streamlined 203k, the maximum amount of money you can borrow is the purchase price of the home, plus an additional amount of up to $35,000.
Here’s why it works for many homebuyers and homeowners: easy access to cash to finance property repairs and improvements. Other key benefits are the low down payments and competitive interest rates.
With an FHA 203k loan, you can dream of your ideal home and start turning it into a reality. If you’re ready to move forward, apply with one of the top mortgage companies in the US. Primary Residential Mortgage, Inc. has the national presence to leverage better rates, but local enough to understand the market.
Why wait? Get in touch with us today.