KEY PRODUCT FEATURES OF THE FHA 203(K) Loan

Many are surprised to find out that you can use a FHA 203k loan to refinance or purchase a property and roll in the cost of rehabilitation and renovation.  This is one of the great ideas behind the FHA 203k loan.  Frequently, I receive calls from customers stating they don’t have enough equity in their home to get a line of credit or enough cash on hand to do the improvements that they would like to in their new home purchase.  In a search for a company to meet their needs, they stumble onto my web-site.  This is when they realize that they do have options, and the program that will fit their needs is the FHA 203k loan.

 

  • The FHA 203(K) is a loan that allows the buyer to purchase a home without a CO at closing.
  • Can be used with short sales, REO and foreclosures.
  • It can also be used to refinance your current mortgage to upgrade your home.
  • 30 Year fixed rate loan.
  • Creates equity fast.
  • Convert commercial 5-6 units to HUD limits of 1-4 family.
  • Convert single family homes to 4 family homes.
  • Mixed use properties with no more than 25% commercial space is eligible.
  • Buyer can borrow up to 110% of the appraised completed value.
  • Project must start within 30 days of closing and be completed within 6 months of closing.

 

 

There are solutions to your home improvement problems.  The answer is the FHA 203k Refinance.

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