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.
- 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
|Down Payment||3.5% of the purchase price or value|
|Terms||30 years, fixed|
|Credit Score||600 minimum|
|Mortgage Insurance||Yes, one-time, up-front and monthly|
|Maximum Loan Limit||Yes, varies by county|