You found a house that needs a little work. OK, maybe it needs a lot of work. Either way, the FHA 203(k) Loan allows you purchase and renovate the home using funds from the same mortgage. Pretty handy.
Features:
- Use one loan to finance the purchase and home renovation
- You have six months to remodel/repair your house
- Standard FHA guidelines are used to determine eligibility
Requirements:
| Down Payment |
3.5% of the final loan amount |
| Terms |
30 years, fixed |
| Credit Score |
640 minimum |
| Mortgage Insurance |
Yes |
| Maximum Loan Limit |
Yes, varies by county |
Like this:
Like Loading...
Leave a Reply