Finance both the purchase and renovation of your dream home.
FHA’s HUD 203K loan is an all in one loan designed to finance both the purchase and renovation of your house.
Are you considering the purchase of a house in need of renovation or an REO property? Now you can apply for one loan and get funds for both the purchase and the repair of the home. You can even refinance and renovate your existing home.
Look at the benefits of the 203K Loan
The loan amount is based on the home’s value after renovations
- One Loan is all you need for both purchase and renovation
- You can even refinance and renovate you existing home
- Property can be used that previously would not be eligible for financing.
What exactly is the FHA 203k loan program?
The primary program for the rehabilitation and repair of single-family properties is the Federal Housing Authority’s 203k loan program The program offers offering funds to both purchase and rehabilitate properties. it is an important tool for expanding home-ownership opportunities and to expand community and neighborhood revitalization efforts.
The 203k is a Federal Housing Administration (FHA) mortgage insurance program allows for the purchase (refinance) of a house and its renovation through a single mortgage. The minimum amount that can be borrowed is $5,000.
Responsibilities of the Consultant
The 203(k) Consultant is an FHA-approved inspector who from start to finish oversees the rehabilitation project. In this critical role it is the consultant’s responsibility to meet with the borrowers and inspect the property. The consultant will determine what repairs are required to bring the property up to FHA minimum standards. The borrower can also discuss with the consultant the optional improvements they would like to make and add into the 203(k) loan amount. The consultant prepares all applicable architectural exhibits, feasibility study and the specifications.