Have you heard about The FHA 203k Program?
The FHA 203k program was designed to deal with the vicious circle that exists for buyers who need to "fix up" or renovate their property in order to make it habitable. The FHA 203k allows you to purchase or refinance a property plus include in the loan the cost of making the repairs and improvements. The loan is provided through approved mortgage lenders nationwide.
The FHA 203k program is available to people wanting to occupy the home not necessarily investors but owner- occupiers.
So what are the requirements?
• downpayment requirement for an owner-occupant is approximately 3% of the acquisition and repair costs of the property.
• show a steady income sufficient to cover the repayments on the full mortgage amount.
• you need to be at least two years out of bankruptcy and three years past any foreclosure or deed-in-lieu
How do I Secure A 203k Loan?
• Contact an approved FHA 203k program lender and supply a detailed proposal.
• The FHA 203k program lender will appraise the future value of the property.
• The FHA 203k program lender will approve the loan (assuming the borrower qualifies).
For more information, visit FHA Loan Requirements
The FHA 203k program is available to people wanting to occupy the home not necessarily investors but owner- occupiers.
So what are the requirements?
• downpayment requirement for an owner-occupant is approximately 3% of the acquisition and repair costs of the property.
• show a steady income sufficient to cover the repayments on the full mortgage amount.
• you need to be at least two years out of bankruptcy and three years past any foreclosure or deed-in-lieu
How do I Secure A 203k Loan?
• Contact an approved FHA 203k program lender and supply a detailed proposal.
• The FHA 203k program lender will appraise the future value of the property.
• The FHA 203k program lender will approve the loan (assuming the borrower qualifies).
For more information, visit FHA Loan Requirements
