FHA 203-K Home Loans - What's the Scoop?
The 203-K loan program is dedicated to the pursuance of home ownership and improving communities. If you've given some consideration to opening your search to homes that need a little bit of TLC, this could be the loan program for you!
Due to the hike in foreclosed and short sale properties, there has been a dramatic increase in people asking for products similar to the FHA 203-K Loan program, that allow you to wrap-in or include repairs needed.
As with other FHA loan programs, the 203-K Loan allows for:
- A lower 3.5% down payment
- Lower credit requirements than other loan programs
- Assumable notes and no prepayment penalties
But many things set the FHA 203-K Home Loan program apart, including:
- Single loan for both purchase and improvements or upgrades to the home
- FHA Energy Efficient Mortgage (EEM) allows for improvements that will lower utilities
- The ability to pay for improvements that fit the desires and aesthetics of you!
Click here to read an article about how the FHA 203-K Home Loan has worked for buyers.
Contact me if you are interested in speaking with a 203-K Loan Representative or viewing homes that would qualify for it's use.