FHA 203k Rehab Home Loans
When you need a loan, you are not alone!TM
Purchase and Renovation Loans Combined
An FHA 203(k) loan is a type of government-insured mortgage that allows the borrower to take out one loan for two purposes – home purchase and home renovation. An FHA 203(k) loan is wrapped around rehabilitation or repairs to a home that will become the mortgagor’s primary residence. An FHA 203(k) is also known as an FHA construction loan.
While not specific to this demographic, the FHA 203(k) loan encourages families in the low to moderate-income bracket to purchase homes that are in dire need of repairs – especially homes that are situated in old communities. The program allows an individual to buy a home and renovate it under one fixed or adjustable-rate mortgage. The amount that is borrowed includes the purchase price of the home and the cost of renovation, including materials and labor.
Contact us today, and let us answer any questions which you may have.
