KEY PRODUCT FEATURES OF THE FHA 203K Loan
Many are surprised to find out that you can use a FHA 203k loan to refinance or purchase a property and roll in the cost of rehabilitation and renovation. This is one of the great ideas behind the FHA 203k loan. Frequently, we receive calls from customers stating they don’t have enough equity in their home to get a line of credit or enough cash on hand to do the improvements that they would like to in their new home purchase. In a search for a company to meet their needs, they stumble onto my web-site. This is when they realize that they do have options, and the program that will fit their needs is the FHA 203k loan.
- The FHA 203K is a loan that allows the buyer to purchase a home without a CO at closing.
- Can be used with short sales, REO and foreclosures.
- It can also be used to refinance your current mortgage to upgrade your home.
- 30 Year fixed rate loan.
- Creates equity fast.
- Convert commercial 5-6 units to HUD limits of 1-4 family.
- Convert single family homes to 4 family homes.
- Mixed use properties with no more than 25% commercial space is eligible.
- Buyer can borrow up to 110% of the appraised completed value.
- Project must start within 30 days of closing and be completed within 6 months of closing.
There are solutions to your home improvement problems. The answer is the FHA 203k Refinance.