What if you found the ideal location for your home but no available properties were in the condition you wanted? With the FHA 203k rehab loan you can buy any property and rehab it the way you want without requiring any additional time or cash of your own. Simply a great way to make a house your home.
Qualifying Made Easy
You do not need perfect credit or a lot of cash reserves (money in the bank) to qualify as the same qualifying guidelines apply as with other FHA loans.
Purchase Details
Down payments are as low as 3.5%; sellers can assist with closing costs; loan amounts up to 110% of after rehabbed value; income credit for unoccupied rental units—just some of the many benefits that make 203k rehab financing the right choice for your home purchase.
Refinance Details
Most rehab financing requires no down payment and some programs offer cash back if you have recently purchased the property.
Eligible Properties
Properties may be single-family homes, two-to four-unit multi-family properties, condos, town homes, or mixed use properties (residential combined with commercial store front). Also, you may convert properties with greater than 4 units to 4 units or less to meet the eligible property requirements.
One Simple Loan
You only have one loan with the 203k rehab loan. Make one simple payment on one loan. In most cases you will have one 30 year fixed loan that will include taxes and insurance. In fact, during construction you may not have to make any payments at all!
Get Pre-Qualified Today
Qualifying is easy. You only need a few items to pre-qualify you for a rehab loan. And when it’s time for the application, your loan officer will come to you. Contact a loan officer now to get started!
