Renovation Loan Resources

  • What is an FHA 203k Loan?

    Named after the Federal Housing Authority Section that outlines its guidelines, the FHA 203(k) loan fills a unique and important need for homebuyers buying a house that needs repair or modernization.  The loan is for both homebuyers and existing home owners.  The FHA insured 203(k) loan program enables borrowers to purchase or refinance their home and include the cost of renovation within the same loan.  The guidelines also accommodate…

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  • Standard FHA 203k Loan

    FHA Section 203(k) insures mortgages covering the purchase or refinancing and rehabilitation of a home that is at least a year old.  At closing, a portion of the loan proceeds is used to pay the seller, or if a refinance transaction funds are used to pay off the existing mortgage lien. The remaining funds are placed in an escrow account and released as rehabilitation is completed. These progress payments are reimbursements for…

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  • Streamlined FHA 203k

    Homebuyers looking to get a deal on a property (1-4 units) needing a few repairs can use the Streamlined 203(k).  It provides the funding solution to make things happen.  With your We Pre Approval Letter in hand you can seek out that “almost perfect” house and make it your own.  Since you can upgrade it immediately with one loan to purchase and fix, you can negotiate the seller‘s price down to cover the costs and have the flexibility…

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