FHA 203(k) loan may be the perfect rehab loan for you. By combining the construction funds with your home mortgage, an FHA 203(k) loan limits your loan closing costs because it’s just one loan that provides you the necessary funds to buy a home and make the desired repairs or improvements.
An FHA 203(k) loan simplifies the home renovation process. FHA 203(k) loans are backed by the federal government, and are typically given to buyers who want to purchase a home and perform upgrades, repairs, remodel or customize to their needs and wants. Borrowers can get up to $31,000 above purchase price toward home repair or remodel.
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