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203k - What IS it?

203k - What IS it?
 
First of all, let us clarify...there are two types of 203k loans - the Streamline 203k and the Full 203k.  They are both FHA Rehabilitation (or Renovation) Mortgage loans.  Some lenders out there are doing the Streamline version, and most are not even aware there is another version.  We prefer the FULL 203K version for several reasons, but mostly because it has more advantages, such as allowing foundation repair while the Streamline does not, and it is much safer for the client.  And though you might have other lenders telling you that no one does the Full 203k or they are too difficult, neither is true!  WE DO THEM - ANYWHERE IN TEXAS!  We have the right team in place that has done these for years, so no, we do not find them difficult and neither do our clients or agents!  That being said, all the information given in our website refers to the FULL 203K.
 
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 for the most part, meaning a minimum down payment of 3.5%, the seller can pay up to 6% of the sales price in assistance toward buyer's closing costs (including REO foreclosures and individual sellers, except on a HUD foreclosure...HUD will only allow 3% assistance).
 
The Full 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 Full 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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"In accordance with Section 326 of the USA PATRIOT Act of 2000 PrimeLending is required to obtain a copy of the documents used in identifying our new account customers. This notice is being provided to you for adequate notice given under this act."
 
"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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