Finance Your Home Renovation with an FHA 203k Mortgage Loan
Drew Mortgage Associates
Introduction An FHA 203k loan is a rehab loan that provides funds not only for purchasing a house, but also for remodeling. It’s the best mortgage loan if you’re planning to buy a house that needs some repairs. It offers a solution that helps borrowers cover both the acquisition and rehabilitation of a property.
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What is a FHA 203k loan? ● A home renovation loan by The Federal Housing Administration (FHA). ● Requires a minimum down payment and a low credit score to purchase and repair the house. ● A Streamline FHA 203k loan is used for cosmetic improvements or upgrades. ● A standard FHA 203k loan is designed for more extensive and expensive repairs.
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FHA 203k loan Cover… ● Standard 203k loans are provided for repairs like: ○ Remodeling ○ Structural Repairs ○ A New Garage ○ Landscape
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● Streamlined 203k loans are provided for repairs like: ○ Energy Conservation Improvement ○ New Roofing ○ New Appliances ○ Non-structural Repairs Such As Painting
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FHA 203k Loan Also Covers ● ● ● ● ● ● ●
Patios Decks Flooring Bathroom and Kitchen Remodeling Plumbing New Siding Second Story Addition
Note: This program does not cover for luxury improvements like building a swimming pool or outdoor tennis courts.
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Eligibility ● An FHA 203k loan is not for investors. They are for owner-occupants. ● Eligibility Criteria: ○ One to four family dwellings ○ Existing construction should be completed for at least one year. ○ Tear down for a home should include existing foundation. ○ Condos are eligible, but the home cannot be a co-op.
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Applying For an FHA 203k Loan ● Creating a detailed proposal explaining the scope of work to be done. This will include a detailed cost estimate on repairs and improvement. ● An appraisal ● Additional mortgage loan application Requirements: ○ Proof of Income ○ Proof of Assets ○ Credit Report.
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If you find a house that is perfect for you, but requires some repairs, an FHA 203k loan will help rehabilitate your home. Read more at : https://www.drewmortgage.com/finance-home-renovation-with-fha-203kmortgage-loan/
Contact us: 1-877-949-3739
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DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/
Peabody Mortgage Lenders
Boston Mortgage Lenders
1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080
232 Commercial St Boston, MA 02109 Phone: (617) 523-3060
Contact us: 1-877-949-3739
www.drewmortgage.com