203K Loans

Mortgage and Lending with Advantage Lending Corp / Daniel Litvin

So what exactly is the FHA 203K loan and how can it help you?  The Section 203(k) program is HUD's primary program for the rehabilitation and repair of single family properties.  This loan can be used for repairing a home you wish to purchase or one you already own by refinancing your property. 

There are two types of 203K loans, the Streamline and the full version.   How do you know if you will only need the streamline instead of the full version of this loan?  Simple, if your repairs are under $35,000, you are not doing any structural changes, and the work can be completed in less than ninety days, then the streamline is for you.  If not, you will need to use the full version of the 203K which gives you more time to complete repairs or changes, you're not limited to $35,000 in changes, and you will need to take on a 203K consultant to assist in managing the project. 

203K loans can be a great option when buying a home that needs some repairs as so many homes currently in the market do.  As construction financing has generally dried up, this remains a terrific option when considering doing improvements on your existing home. 

For more information please contact us.

Advantage Lending Corp

248-608-9120 x230


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