FHA 203k
You’re taking on a lot with this project. At least save yourself some headaches by getting one mortgage to finance the purchase and all that repair work. We’ll lock you into a competitive interest rate over a 30-year term.
a. Use one loan to finance the purchase and home renovation
b. You have six months to remodel/repair your house
c. Standard FHA guidelines are used to determine eligibility
Requirements
Down Payment: 3.5% of the final loan amount
Terms 30 years, fixed
Credit Score: 640 minimum
Mortgage Insurance: Yes
Maximum Loan Limit: Yes, varies by county
