Is A 203K Loan Something For You

Dated: 06/28/2017

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Maybe the area you like is a little out of your price point or you don't have the cash on hand to make your dream home a reality. An FHA 203(k) Rehab loan enables you to buy a home that’s in need of repairs or renovations by providing additional funding before move-in. This can open a market up that may feel out of reach. Many lenders offer two Rehab loan products: Standard for remodeling and repairs, and Limited for minor remodeling and non-structural repairs.

FEATURES AND BENEFITS

 

Credit scores from 620 are allowed.

   

You are required to finance at least $5,000 of renovation/repair work.

   

An FHA Rehab’s total loan amount depends on several factors, including your home’s “as completed” appraised value after renovations.

   

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.


Here is a home that is just waiting for a buyer with 203K financing. The Gulfport area is generally well above the $150,000 price point. With updates and repairs of $25,000 to $30,000 this home has the potential to be someone's dream house.

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