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203k Renovation Loan

203k Renovation Loan - What is it?
 
A 203k is FHA's Rehabilitation or Renovation Mortgage loan.  With this loan, a borrower can purchase or refinance a home and include additional money for repairs and/or renovations - in one loan with one closing!  Standard FHA guidelines apply meaning minimum payment of 3% (currently).
 
The 203k can be used to:
  • Purchase or Refinance a Property
  • "Modernize" a Property
  • Fix a Required Repair
  • Make Optional Improvements, such as a Room Addition or Landscaping
The 203k can be used for:
  • Single Family Residential Properties
  • 2 - 4 Unit Residential Properties
  • Mixed Use (commercial and residential in one building)
  • Manufactured homes
 

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"Please note that the information above is not intended to be any decision of, or commitment to, any loan type or amount of loan for which one may qualify with any financial institution. The information is not intended to extend any legal, tax or financial advice. The accuracy of the information contained in this advertisement is not guaranteed. Please consult a loan professional to learn more about your eligibility for and availability of a particular loan product."

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