Your Guide To FHA 203k Benefits


Explore the benefits of an FHA 203k Rehab Loan

If you’re in the market for a fixer-upper, the best way to fund the purchase and renovation of your new home is an FHA 203k loan, also known as an FHA Construction Loan. It’s a popular choice with plenty of benefits, such as:

• FHA 203k loans are perfect for homes that need repair. You don’t have to spend so much upfront for repairs since financing already includes the funds for construction.

• Savings. A rehab loan helps you keep your savings while providing the funds to finance the rehabilitation.

• Low interest. FHA loans are popular because they have low-interest rates --frequently lower than what non-government-backed loans can offer.

• Enjoy great deals. Rehab loans allow buyers to purchase homes at a lower price.

• Customization. With an FHA 203k loan, you can upgrade your home the way you want it.

Interest Rates Have Increased

Borrowers May Not Qualify

Due to DTI Calculation

Time To Consider

NO RATIO PROGRAM

No DTI calculation

No Income on Application

No Employment on Application

No Tax Returns

No W2s

No 1099

Only Required to Have

as low as 20% Down Payment

80% LTV = 720+ FICO - 12 Months Reserves

75% LTV = 680-719 FICO - 9 Months Reserves

65% LTV = 660-679 FICO - 9 Months Reserves

Funds for Down Payment

Closing Costs

Prepaid’s

Reserves

Primary Residence

Second Home

Purchase

Refinance

Minimum Loan $200,000



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