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FHA 203K Program

Posted by:  Hancock Mortgage Partners, Inc
2015-08-04 21:54:48

A Home Improvement Loan

  • To purchase a dwelling and the land on which the dwelling is located and rehabilitate it, or
  • To refinance existing indebtedness and rehabilitate a dwelling.

TWO TYPES OF 203(k) LOANS:

STREAMLINE 203(k)

  • Rehabilitation cost must be under $35,000
  • Total loan amount dependent on county FHA limits
  • Construction must begin within 30 days
  • Cosmetic repairs

STANDARD 203(k)

  • Rehabilitation cost must be minimum of $5,000
  • Total loan amount dependent upon county FHA limits
  • Construction must begin within 30 days

Benefits to Realtor & Seller:

  • Expand home ownership opportunities
  • Can put houses on market without undergoing costly improvements
  • Tool for community & neighborhood revitalizations
  • Increase homes for sale on MLS

Benefits to Borrower:

  • Offers a proven solution to borrowers & Realtors
  • Affordable & cost-effective means for borrowers to finance desired repairs
  • Family has outgrown starter home
  • Make your home what you want it to be

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