FHA 203k Loan
FHA 203K Loan
Prices of new construction and newer existing homes have risen quickly over the last several years and as a home buyer you may want to consider buying a fixer upper. The cost of repairs and remoldeling (up to $30,000) can be financed into your home mortgage with the FHA 203k loan.
Advantages to the FHA 203k Loan:
- Must have a minimum of $5,000 repairs and remodeling costs and the maximum renovations are $30,000.
- Loans can go up to 110% of the after-improved appraised value!
- There is no 203K consultant involved. Repairs are usually based on contractor bids.
- Seller can pay up to 6% of the purchase price in closing costs
Use your loan to make any of these repairs:
- Remodel-update bathroom and kitchen
- Repair-replace floors
- Upgrade roof, gutters, and downspouts
- Fix existing HVAC systems
- Update plumbing and electrical systems
- Paint-interior and exterior
- Weatherization-insulation, weather stripping, etc.
- Replacement Windows and Doors
- Upgrade appliances which may include ranges, refrigerators, washers/dryers, dishwashers, and microwaves.
- Rehab-replace decks, patios, and porches
- Basement finishing, remodeling, waterproofing which does not require structural repairs.
- Improve accessibility for disabled persons
Prices of new construction and newer existing homes have risen quickly over the last several years and as a home buyer you may want to consider buying a fixer upper. The cost of repairs and remoldeling (up to $30,000) can be financed into your home mortgage with the FHA 203k loan.
Advantages to the FHA 203k Loan:
- Must have a minimum of $5,000 repairs and remodeling costs and the maximum renovations are $30,000.
- Loans can go up to 110% of the after-improved appraised value!
- There is no 203K consultant involved. Repairs are usually based on contractor bids.
- Seller can pay up to 6% of the purchase price in closing costs
Use your loan to make any of these repairs:
- Remodel-update bathroom and kitchen
- Repair-replace floors
- Upgrade roof, gutters, and downspouts
- Fix existing HVAC systems
- Update plumbing and electrical systems
- Paint-interior and exterior
- Weatherization-insulation, weather stripping, etc.
- Replacement Windows and Doors
- Upgrade appliances which may include ranges, refrigerators, washers/dryers, dishwashers, and microwaves.
- Rehab-replace decks, patios, and porches
- Basement finishing, remodeling, waterproofing which does not require structural repairs.
- Improve accessibility for disabled persons
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