Have you stumbled across a home that you would like to buy, but needs a little (or a lot) of work? If this is the case, then our FHA 203(k) loan program may be the ideal option for you.
An FHA 203(k) loan enables you to finance not just the price of the home, but also the cost of needed and wanted fixes. With this kind of loan, you don’t have to scramble around to get the house repaired before closing.
When you apply for an FHA 203(k) loan, note that it follows standard FHA guidelines to determine eligibility. Additionally, you have six months to make the changes to the house.
|Down Payment||3.5% of the final loan amount|
|Terms||30 years, fixed|
|Credit Score||620 minimum|
|Maximum Loan Limit||Yes, varies by county|
If you qualify for the FHA 203(k) loan program, you can go for a Standard 203(k) loan or a Limited 203(k) loan. With a Regular 203(k) loan, the maximum amount you can borrow should be:
On the other hand, the maximum amount of money you can borrow on a Limited 203(k) is the home’s purchase price plus $35,000.
You’ll enjoy the following benefits when you get an FHA 203(k) loan:
The FHA 203(k) loan gives you the opportunity to turn a house that looks a little rough around the edges to your ideal home. If you’re ready to apply for this loan program, contact us today.
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