You’ve found a home, but it’s a little rough around the edges. Where can you turn? Now, you can transform any home from “as is” into “exactly as it should be” with an FHA 203(k) loan.
FHA’s 203(k) program enables homeowners to finance additional money into their mortgage to improve or upgrade their home. With this new product, you can quickly and easily tap into cash to pay for property repairs or improvements.
With interest rates lower than they’ve been in years, now is the perfect time to take advantage of FHA’s 203(k) Rehab loan. This innovative program enables you to purchase or refinance a home plus roll the cost of improvements into one monthly mortgage payment – with only one closing!
How does an FHA 203(k) loan work? The FHA 203(k) program is intended to facilitate uncomplicated renovation and improvements to a home. To be eligible, you must qualify for an FHA loan and your property must meet certain criteria, such as being owner-occupied by completion. The additional funds for renovation remain in an escrow account after closing that you can pull from to make repairs to the property.
Eligible home improvement projects With an FHA 203(k) loan, you could paint your house, get new appliances, remodel the kitchen, install new carpet, add hardwood flooring, repair or replace a leaky roof, or waterproof your basement to name a few.