Here’s exactly what an FHA 203(k) loan is and what you can do with it.
What is an FHA 203(k) loan? Essentially, it’s a loan that allows you to refurbish a property. You can buy a home in as-is condition and bring it up to FHA minimum standards. You can completely renovate the kitchen or bathroom, build an addition, install a new roof or windows, and even get new appliances. This loan fills a significant need for homebuyers.
Another perk of this loan is that you can build in your payments. For example, if you have a contractor doing work 30 to 90 days after closing because it isn’t move-in ready, you can adjust payments so they aren’t due until after you move into the house. This is a fantastic program for taking run-down properties and improving them to suit your needs. You can customize things the way you want: countertops, appliances, colors, carpeting, wood floors, and more.
If you would like more information about the FHA 203(k) loan or have any questions, I can be reached via phone or email. I would love to help you.