An FHA 203K Loan is a federally backed loan tailored for buyers who are looking to purchase a home in need of repairs or renovations. With this loan, down payment and renovation costs are wrapped into the mortgage, allowing the borrower to pay for the improvements over time at a much lower interest rate than conventional alternatives. If you have a FICO score of at least 620 and 3.5% down, an FHA 203K Loan may be an option for you. Although some restrictions may apply, the FHA 203K Loan is ideal for any candidate- from first time homebuyers to a seasoned investor.
What Are the Benefits of An FHA 203k Loan?
Choosing to get an FHA 203k loan can have a lot of great benefits, and make it easier for you to get your dream home. Our team at RHMC has identified a few advantages of the FHA 203k program now.
Get a single loan for the home + rehab – You can simplify the process of buying a “fixer-upper” by getting a loan for both the home and renovations at the same time.
Lower rates – Mortgages typically have lower rates than home improvement loans, personal loans, HELOCs (home equity lines of credit) and other such loans, so you’ll pay less for your renovations.
Easy to qualify – As long as you meet FHA loan requirements, you can typically also qualify for an FHA 203k loan.
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Fill out a low-rate quote request today to discuss your FHA 203k loan with one of our RHMC mortgage specialists.
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