Find Home with the FHA 203k Rehab Loan
Are you feeling like your perfect home just doesn’t exist in today’s inventory? No need to fear, UHL is here with another buying solution to help make your dream home happen. Let’s talk about the possibilities that open when you look into creating the perfect home. Here’s what you need to know about the FHA 203k Rehab Loan.
203k Rehab Loans Make Things Easy
The FHA 203k Loan allows you to roll the purchase of a home and renovation costs into one mortgage. In other words, this mortgage solution opens the door to fixer-uppers to those who may have otherwise strayed away from the idea of them. Because, we get it: the idea of buying a home, working out a budget for repairs, and creating a timeline all on your own can be intimidating. With a 203k Rehab Loan, your mortgage banker, Realtor, HUD consultant, and contractor work together for an easy process.
FHA Guidelines Apply
Is this loan ideal for you? Anyone who would fit into the typical FHA guidelines will also meet the requirements for a 203k Rehab Loan.
- Owner-Occupied Borrower – This loan is intended for people who want to renovate and live in the home for at least 1 year. If purchasing a multi-unit property, this is perfect for borrowers who plan to live in one of the units and rent out the other(s).
- Low Down Payment – The 203k Rehab Loan allows borrowers to put just 3.5% down.
- Forgiving Requirements – FHA Loans are one of our top picks for borrowers who have less than perfect credit or are on the high-end of a qualifying DTI.
- Loan Limits – All FHA loans are subject to loan limits which vary by county and are tiered for the number of units in the property.
The ultimate goal of this government-backed mortgage solution is to help people obtain affordable, quality housing. A qualifying renovation cost includes anything that adds true value to a home. These costs improve not only the home but the lives of the people living there.
At UHL, our goal is to make reaching your homeownership goals as easy and attainable as possible. Together, we can make homeownership happen. Contact our team to talk about if an FHA 203k Rehab Loan is right for you.