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Home Buyers Do You know About the FHA 203K Loan?

• An FHA 203 (k) Can Help You Purchase and Repair a Home with One Loan.

FHA 203 (k) Home Buyers Repair Loan

If you are a home buyer looking to buy a home that needs some repairs or updating, an FHA 203(k) rehabilitation 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 to make repairs or improvements with just one loan and one closing. Renovations are completed after closing of the loan using a portion of the proceeds to cover improvement costs.Funds are held in a loan reserve to pay for the improvements in a managed account. With so many neglected or damaged homes on the market at this time this can be an excellent route to take, allowing  you to buy the home you have always wanted.

• Applies to owner occupied primary residences, from 1-4 units
• Requires as little down as 3.5% to qualify
• Includes most repairs that add value to the property
• Covers materials, labor and expenses such as permits and fees
• Repairs need to be less than $35,000
• Foundation  and Structural Repairs cannot be included
• No monthly mortagage payments can be included in the total amount

So if you or someone you know is thinking of purchasing a home call us today so we can give you more information on this great loan.

Pam Parton 760-580-1615            Joanna Woolley 760-580-1630