Roll your fixer uppers into your mortgage with a FHA 203K rehab loan
Have you ever walked into a fixer upper, fell in love with the home, but then realized that you couldn’t afford the cost of the repairs? Or the bank would not lend you the money until the repairs were completed? Don’t let your dream slip away. There is a little known government program, the FHA 203K Renovation Program, which will allow you to purchase your fixer upper without needing bundles of money in advance. The repairs are rolled into your current mortgage.
The FHA 203 K Renovation loan only requires 3.5% down and comes with lower income and credit restrictions than conventional loans. Loan borrowers must be owner-occupants. Properties are purchased “as is” and the repairs are completed after closing by a licensed contractor. The repair money is kept in an escrow account and monitored by a Federal Housing Authority consultant. Upon completion of work, funds are dispersed.
Eligible improvements include but are not limited to:
- Bath and kitchen remodel
- Energy efficient insulation windows
- Solar hot water heater
- Landscaping and irrigation
- Handicap accessibility
- Bedroom additions
- Opening up floor plan
- Vaulting the ceiling
- Termite damage and treatment
- Illegal additions
- and much, much, more….
Build instant equity in your home with a FHA 203K Rehab Loan.
Email me your request for FHA 203K contact information.