What is a FHA 203 (K) Loan?

By
Real Estate Agent with Berkshire Hathaway HomeServices Simpson Realtors

WHAT IS A FHA 203(K) LOAN?



Are you looking or have you found a home that is a "fixer upper"... you know a home that you really like but it needs work?  But now you are thinking you just don't have the money for the down payment and the money to make the repairs? Well, the FHA 203(k) loan might just be the right loan for you. This program will allow you, the borrower to include the repair and improvement costs into the loan amount on either a purchase or refinance with a one time closing. The funds for the repairs and improvements are held in an escrow account, and are released when the work is completed. The mortgage amount is based on the projected value of the completed project. FHA has made this loan easier and faster to close than ever before.

Now you know that you have options when you find the perfect home that needs repair.

And as always, if you or someone you know is considering a move, I can help you find the home you are looking for...it's what I do!

Here are The Advantages of a FHA 203(k) Loan ...

It can be for Purchase or Refinance
Standard FHA Down payment
Finance up to 6 months mortgage payments
Special HUD down payment programs
An FHA assumable mortgage
One-to-Four Family Dwellings
Repair and improvement work is completed after your loan closes


Eunice Waller 

Prudential Simpson & Associates

540-842-1061 direct

http://www.fredericksburghomesource.com/


http://eunicewaller.blogspot.com/2010/11/what-is-fha-203-k-loan.html

"NO ONE Knows Real Estate Better ~ "Helping Families Since 1984!"


11/29/2010

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Comments (2)

David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

Good information.... I often point clients toward this loan.  - David

Nov 28, 2010 11:14 PM
Eunice Waller
Berkshire Hathaway HomeServices Simpson Realtors - Locust Grove, VA
Working Together, We Can Do Great Things

Thanks David! (http://activerain.com/davidbur ) It is a great alternative for those homes that are in need of repair.

Nov 28, 2010 11:50 PM