- The FHA 203k loan program is designed for buyers interested in a fixer upper home.
- This program allows you to buy and renovate a primary residence using funds from the same mortgage.
- Standard FHA guidelines are used to determine eligibility.
- 3.5% down payment is required.
- Minimum credit score is 640.
- You have up to 6 full months to complete the repairs or improvements to your house.
So you have fallen in love with a home that needs some work and it’s priced for instant equity, the FHA 203k loan is the perfect choice for you! This loan offers the benefits of easy credit qualifying at competitive rates… all rolled into one mortgage and one closing. There are two types of FHA 203k loans available. The standard 203k loan allows you to borrower the lesser of the current value of the property plus the repair cost or 110% of the estimated value once the repairs or improvements are complete. The second type of FHA 203k loan is called the “streamlined 203k”. This type of 203k loan is capped at $35,000 of improvements plus the purchase price of the home. Whatever FHA 203k loan you choose ..call Residential Mortgage Solutions today to get pre-qualified and start turning your dreams of homeownership into reality.