FHA 203(k) Renovation Fixed
If you are looking to buy a home that requires repairs or renovations an FHA 203k can help provide those additional funds before moving in.
A home loan with extra money for a fixer-upper?
When searching for a home, sometimes you find one that feels almost right – the perfect size in a great location, with a recently renovated kitchen – but it really needs some exterior cosmetic work. Or you may find one whose walk-up appeal is impeccable – but it still has laminate flooring from the 1960s.
Perhaps, you aren't searching for a new home, but after watching a home improvement show, you realize your kitchen could use some upgrades.
Fortunately, there’s a home loan for that: an FHA 203(k) Rehab Loan, which includes additional funds for repairs and renovations that are done before move-in.
At Caliber Home Loans, we offer two types of Rehab loans: Limited for minor remodeling and non-structural repairs, and Standard for the bigger jobs. There are benefits to both, and finding the right one for you is critical, so if you’d like to look into a Rehab loan, contact us today.
Key Features and Benefits of FHA 203(k) Loans:
Credit scores from 620 are allowed.
You are required to finance at least $5,000 of renovation/repair work.
The total loan amount depends on several factors, including which Rehab loan is best for you!
Eligible properties include single-family homes, 2-4 unit properties, modular homes, and Planned Unit Development (PUD) properties.
Fixed-rate, 30-year loans keep your monthly budgeting simple.
