203k REHAB RENOVATION LOAN
THE BEST GOVERNMENT LOAN PROGRAM THAT ALLOWS YOU TO BUY A
HOME IN NEED OF REPAIRS OR UPDATING AND FINANCE THE REHAB COSTS!
1. What is 203k LOAN?
This is a government insured loan that allows for the purchase of a home plus the costs for repairs and/or renovations OR to refinance an existing home for the purpose of remodels or improvements.
2. What is the primary benefit of this program?
It is a one time easy loan closing with low interest rates that allows financing based on the after improved value.
3. How does the program work?
Borrowers identify a home they like in need of repairs or upgrades. The buyer determines the list of improvements and schedules an inspection with a 203k cost consultant. The cost consultant prepares estimates for the repairs and the buyer chooses contractors they want to perform the work. An appraiser appraises the home based on the “After Improved Value” and then the loan is determined based on the after improved value. The loan closes and the work is started.
4. What are the Program Features?
Seller concessions up to 6% to cover closing costs
Very attractive 30 Year Fixed rates
640 Mid Credit Score
No buyer cash contribution required, gift funds allowed
No cash reserve requirements
5. Are there any restrictions?
The property must be owner occupied
Loan limit must comply with FHA limits
6. What type of property’s are allowed?
One to Four family units
Condos (FHA approved)
7. Is this program only for First-time buyers?
No. The 203k loan is available for all homebuyers and for current home owners.
So if you found the almost perfect home, now you can make it your perfect home.
I'M READY. WHAT MY NEXT STEP? To find out if you qualify for a 203K loan, please contact us at 610-291-6415 or apply right on line thru the secure and protected online application.