Buying A Home with an FHA 203(k) Renovation Loan

posted on November 5th, 2012 | filed under: Uncategorized

An FHA 203(k) Loan can help you purchase and renovate a home with one loan.

If you plan to purchase a home that needs renovations or updating, an FHA 203(k) Renovation loan can help. It is a mortgage that provides the purchase price plus funds for renovation by financing the “as improved” value of the home. This can make it possible for you to make updates or improvements with one loan and one closing.

An FHA 203(k) Renovation loan:

  • Applies to owner- occupied primary residences, from 1 to 4 units
  • Requires as little as 3.5% down to qualif y
  • Includes most renovations that add value to the property
  • Covers materials, labor and expenses such as permits and fees

In addition to purchasing a new home, an FHA 203(k) loan can be a cost- effective way to refinance your current home for the purpose of remodeling.

For more information or for a referral to an FHA 203(k) Renovation loan specialist, contact me today 858.883.3324.

posted by Jeff DeChamplain

  1. Paul Welden

    Jeff – It is fantastic to see a Real Estate Agent promote the use of the 203k and some of the benefits the 203k provides.

    Just as selecting the correct Real Estate Agent is important, so is the right contractor for the 203k. Using Certified 203k Contractors are the way to go.

    Keep up the good work on promoting the 203k!

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Jeff DeChamplain