1 / 10

Finance Your Home Renovation with an FHA 203k Mortgage Loan

When buying a house that needs repair or modernization, homebuyers usually have to follow a complicated and costly process. An FHA 203k loan is a rehab loan that provides funds not only for purchasing a house, but also for remodeling. It offers a solution that helps borrowers cover both the acquisition and rehabilitation of a property. This presentation will provide you a brief about FHA 203k Mortgage Loan. <br>Read more at : https://www.drewmortgage.com/finance-home-renovation-with-fha-203k-mortgage-loan/

Drewmortgage
Télécharger la présentation

Finance Your Home Renovation with an FHA 203k Mortgage Loan

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Finance Your Home Renovation with an FHA 203k Mortgage Loan Drew Mortgage Associates

  2. Introduction An FHA 203k loan is a rehab loan that provides funds not only for purchasing a house, but also for remodeling. It’s the best mortgage loan if you’re planning to buy a house that needs some repairs. It offers a solution that helps borrowers cover both the acquisition and rehabilitation of a property.

  3. What is a FHA 203k loan? • A home renovation loan by The Federal Housing Administration (FHA). • Requires a minimum down payment and a low credit score to purchase and repair the house. • A Streamline FHA 203k loan is used for cosmetic improvements or upgrades. • A standard FHA 203k loan is designed for more extensive and expensive repairs.

  4. Standard 203k loans are provided for repairs like: Remodeling Structural Repairs A New Garage Landscape FHA 203k loan Cover…

  5. Streamlined 203k loans are provided for repairs like: Energy Conservation Improvement New Roofing New Appliances Non-structural Repairs Such As Painting

  6. Patios Decks Flooring Bathroom and Kitchen Remodeling Plumbing New Siding Second Story Addition Note: This program does not cover for luxury improvements like building a swimming pool or outdoor tennis courts. FHA 203k Loan Also Covers

  7. An FHA 203k loan is not for investors. They are for owner-occupants. Eligibility Criteria: One to four family dwellings Existing construction should be completed for at least one year. Tear down for a home should include existing foundation. Condos are eligible, but the home cannot be a co-op. Eligibility

  8. Creating a detailed proposal explaining the scope of work to be done. This will include a detailed cost estimate on repairs and improvement. An appraisal Additionalmortgage loan application Requirements: Proof of Income Proof of Assets Credit Report. Applying For an FHA 203k Loan

  9. If you find a house that is perfect for you, but requires some repairs, an FHA 203k loan will help rehabilitate your home. Read more at : https://www.drewmortgage.com/finance-home-renovation-with-fha-203k-mortgage-loan/

  10. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/ Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080 Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060

More Related