The 203k loan enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.
The 203k loan enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.
Any owner occupant primary resident borrower or qualified non-profit group who qualifies for an FHA loan can also qualify for a 203k loan. No investor purchases using the 203k loan have been allowed since 1996.
For the Standard 203k: minimum $5,000-maximum FHA loan limit for the county
For the Limited 203k: no minimum- $35,000 (not to exceed maximum FHA loan limit for the county)
If you want to know more for the 203k loan process or if you are already approved give us a call and we will direct you for what you have to do next!
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