203K Loans

An FHA 203K loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it. Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. An FHA 203K lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom.

𝗢𝗳𝘁𝗲𝗻 𝘁𝗵𝗲 𝗹𝗼𝗮𝗻 𝘄𝗶𝗹𝗹 𝗮𝗹𝘀𝗼 𝗶𝗻𝗰𝗹𝘂𝗱𝗲:

1) an up to 20% contingency reserve so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested and/or

2) a provision that gives you up to about six months of mortgage payments so you can live elsewhere while you’re remodeling, but still pay the mortgage payments on the new home.

• Fixed Rates
• Adjustable Rate Mortgage (ARM)
• Minimal Down Payments
• Terms from 5 to 30 Years