rehab loans: The Rehabbers’ Guide to 203(k) Loans
- 03/06/12 08:48 PM
Tight-fisted lenders have made home equity loans harder to come by. So what’s a fixer-upper to do? Meet the 203(k) loan. Lenders’ weak stomach for extending credit doesn’t have to sour your upgrade dreams. The old but new again FHA 203(k) loan rolls remodeling and mortgage costs together, whether you’re buying or refinancing an existing home loan to pay for upgrades. First, some 203(k) basics: 15- or 30-year term option ARM or fixed-rate option 3.5% down payment; other FHA loan qualifications apply Interest rate a tad higher than market Higher fees compared with equity or other FHA loans, for such … (6 comments)
Tight-fisted lenders have made home equity loans harder to come by. So what’s a fixer-upper to do? Meet the 203(k) loan.
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