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FHA 203k Loans

FHA 203k Loans

Minimum 3.5% Down! Seller Contributions & Gifts Are Acceptable!!

FHA 203k Loans help homebuyers to purchase an existing house and include the cost of its rehabilitation through a single mortgage. The minimum rehabilitation amount must be at least $5,000, with the total value the property falling within the FHA mortgage limit for the area. There are 2 types of 203k loans. Please call to review your 203K options in detail.

 

Types of 203K Loans:

  • 30 or 15 year fixed rates
  • One year ARMS ,
  • Assumable to a qualified buyer, with no money down .


Eligible Properties:

  • Single family dwellings
  • Condominium
  • Townhouse 
  • Mixed Use (Storefront)
  • 1-4 Unit buildings- you can increase or decrease the number of units with this loan.

 

Structural Alteration and Reconstruction:

  • Changes for improved functions and modernization
  • Elimination of health/safety hazards
  • Changes for aesthetic appeal
  • Plumbing, heating air conditioning, and electrical upgrade
  • Well and/or septic repairs
  • Roofing, gutters and downspouts
  • Flooring, tiling and carpeting
  • Energy conservation improvements
  • Major  landscape work and site improvements
  • Access for the disabled
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Your Dream Home is in Your GRASP!

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