The FHA 203k is a renovation loan program that provides funds for both the purchase and renovation of a home. There are two types of an FHA 203k loan. The first is normal 203k, which is given for properties that need structural repairs such as a new roof or a room addition. The second is the streamlined203k, which is given for non-structural repairs such as painting and new appliances. The minimum Loan Amount is $5000.
FHA 203k loans can be an investors best friend. Using the 203k loan program can allow you more flexibility and added maneuverability in the home acquisition and repair or home improvement process. Choosing a lender who has used FHA 203k financing for his own projects in the past to acquire, renovate and improve homes can be the difference between success and failure in the home acquisition and repair process. Call me now to get detailed information for your home improvement and home acquisition needs.