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What is a 203(K) Loan?
What is a 203(k) Loan?
The FHA 203(k) allows a borrower to include the repair/improvement costs in the loan amount on either a purchase or refinance with one closing. The funds for repair/improvement are held in escrow, to be released when the work is completed. The mortgage amount is based on the projected value of the completed project. Encouragement from FHA makes this loan easier AND faster to close than ever before.
The 203(k) Advantage
Finance up to 6 months mortgage payments (PITI)
Special HUD down payment programs
Eligible for Energy Efficient Mortgage
An FHA assumable mortgage
One-to-Four Family Dwellings
Standard FHA Down payment programs apply
Purchase or Refinance
Assumable FHA Insured Loan
All rehabilitation work is completed after loan closing
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