FHA 203k Loan Can Help You Finance Your Fixer-Upper
April 4th, 2017
April 4th, 2017
Are you interested in purchasing a fixer-upper and turning it into your dream home? Or, maybe you just want to make some renovations to your current home. However, you’ve realized with all the renovations needed to the home, you can’t really afford it. Or, perhaps, you’ve find out that you can’t get a mortgage loan, because your lender considers the home to be uninhabitable. What can you do? The FHA 203k Rehabilitation Mortgage Insurance Program may be your solution.
The FHA 203k program is a government-backed loan that enables you to borrow money toward the purchase of a home and renovations that need to be made to it. Or, you can use the loan to make home improvements to your existing home. With the FHA 203k program, you don’t have to get a loan for the home purchase and another for the home repairs. One loan handles both.
Two Types of FHA 203k Loans
FHA offers two types of 203k loans:
Loan Terms and Conditions
Some terms and conditions of the FHA 203k loan include:
Qualifying Property Types
To qualify for an FHA 203k loan, the property can be:
Eligible Repairs and Improvements
Here is the HUD-approved list of repairs/improvements for a regular and streamlined 203k loans:
Repairs that are not permitted include:
For More Information
If you’re interested in purchasing a fixer-upper or you want to upgrade your current home, the FHA 203k loan program may be the right financing option for you. Contact the mortgage experts at Grandview Lending, located in Indianapolis, IN, for more information. As a mortgage broker company, we have access to lots of different loan options. We can review your situation and find the best mortgage solution based on your needs.
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