FHA 203(k) Renovation Loan

DreamLoan

The mother of fixer-upper loans.

You found a house that needs a little work. OK, maybe it needs a lot of work. Either way, the FHA 203(k) Loan allows you purchase and renovate the home using funds from the same mortgage. Pretty handy. You’re taking on a lot with this project. At least save yourself some headaches by getting one mortgage to finance the purchase and all that repair work. We’ll lock you into a competitive interest rate over a 30-year term.

Key Features:

  • Use one loan to finance the purchase and home renovation
  • You have six months to remodel/repair your house
  • Standard FHA guidelines are used to determine eligibility

Requirements:

Down Payment 3.5% of the final loan amount
Terms 30 years, fixed
Credit Score 640 minimum
Mortgage Insurance Yes
Maximum Loan Limit Yes, varies by county

Eric LaFleur MLO165839 • Company NMLS #1936