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An FHA 203(k) loan makes the home purchase renovation and repair process much easier by combining what would normally be two different loans into one loan. Like the normal FHA Home Loan, the 203(k) is backed by the government. It’s a wonderful option for home buyers that want to buy a home and do upgrades at the same time. It can also be used as a refinance to do repairs and remodels for homes that the would-be borrowers currently reside in. A renovation loan lets you stay in your home and current neighbor at the same time providing funds to make needed repairs and improvements.
There are two types of 203(k) loans. They are the “Full” and the “Streamlined”. The Streamlined 203(K) was designed for homes that do not need structural or foundation repairs. Its more often associated with repairs that are more cosmetic in nature. Some of the key highlights are:
The Full 203(k) is more often used for projects that are over $35,000
The 203(k) loan is for your primary residence only. If a property is an investment property this loan can not be used. Some of the projects that it is used for are:
Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.