“What is a FHA 203K loan”?
These loans give you a way to buy a home in need of repair. Backed by the federal government and given to buyers who want to buy a fixer-upper or older home and turn it into their dream home.
Repairs that qualify under the FHA 203K loan and the streamlined 203K are new roofs, room addition, painting, appliances, decks, patios, bathroom and kitchen remodels, flooring, plumbing, siding and heating / air conditioning systems, among other repairs.
The maximum amount of financing under the regular FHA 203K is 110% of the value of the property after repairs, with the streamlined loan you can get up to $35,000 plus the purchase price of the home.
The kinds of properties that qualify include: 1 to 4 family homes, a torn down home, a home that you want to move and some condos are eligible. For more information on qualifying for these types of loans and exact repairs that are eligible, please contact us direct.