The Possiblities. OH! The Things You Can Do!

 

The FHA offers a little known mortgage loan program called the 203K Rehabilitation Mortgage Loan. It is the governments answer to America’s deferred maintenance of existing housing stock.

 

Most lenders will only lend money on homes that are in good condition or require the borrower to make any necessary repairs before closing. Not so with FHA’s 203(k). A 203(k) loan allows you to purchase the home “as is” and provides funds to get the repairs done after closing, in one 30 year fixed rate loan at current rates. And, you won’t need to make mortgage any payments until the renovation is complete.

 

Have you ever looked at a home and thought, “It would be perfect if only...”

With a 203(k) loan you can --

 

•  Purchase a two bedroom one bath home and get the funds to make it a three bedroom with a nice master bath.

•  Purchase a foreclosure that needs carpeting, a paint job and maybe a new kitchen.  Out with the old and in with the new.

•  Purchase a home that is “OK” and remodel the kitchen and baths.

•  Purchase a home that is in “move-in” condition and turn the basement into an “In-Law Suite”.

 

All of these and more are possible under 203k Guidelines.  This loan program is almost limitless.  You can purchase a standard stock home and make it into the home of your dreams.

 

This loan has become very popular the last few years due to the increase in foreclosed properties.  These properties tend to be in pretty rough shape and usually need some help.

 

A 203(k) Renovation Loan may be the way to get where you want to be!