The FHA 203(k) Loans wraps the cost of buying (or refinancing) a home and the cost of renovating the same home together in one loan. You borrow the money you need while buying and renovating your dream home.
● Designed to update, improve, and modernize homes
● Limited and full financing options available
● Can also be used for things you just want to do to update a property
WHAT IS A 203K MORTGAGE?
The FHA 203(k) loan is targeted toward buyers or refinancers who want to renovate a property. The projected costs to fix up the property are rolled into the mortgage cost so borrowers can have everything in one place. The money for rehabbing the property will be held in an escrow account and paid out upon completion and inspection of work.
These loans are available for qualified applicants who can afford a minimum down payment of 3.5%, has a credit score of 620 or higher, and does not currently have any other FHA loans.* Borrowers also do NOT have to be a first time home buyer to qualify.
*TriState Lending Group is not affiliated with or acting behalf of or at the direction of FHA or the Federal Government.