FHA’s 203(k) loan program is designed to finance the purchase and renovation of your home, all in one loan.
Could a 203(k) loan be right for you?
- Buy a “Fixer-upper” or REO property needing renovation
- Get funds to both purchase and upgrade your dream home
- Refinance and renovate your existing home
What are advantages of a 203(k) loan?
- Loan amount based on the home value including renovations
- Only one loan needed to both purchase and improve the property
- Refinance and rehab your own home
- Can be used to buy property otherwise not eligible for financing
Who qualifies for a 203(k) loan?
- A minimum down payment of 3.5%
- A credit score of 640 or higher
- You currently have no other FHA loans
- You DO NOT have to be a first-time buyer