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203k Rehab Loan For First Time Home Buyers

You may have found your dream home and want to buy it. The home's design looks wonderful and it meets all your “dream home” requirements. However, you need financial aid to rehabilitate this home. This is where a 203k Rehab Mortgage Loan can help you. This presentation provides valuable information about how 203k Rehab Loans can help a first-time home buyer. To learn more, please visit: https://www.drewmortgage.com/203k-rehab-loan-for-first-time-home-buyers/

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203k Rehab Loan For First Time Home Buyers

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  1. 203k Rehab Loan for First-Time Home Buyers

  2. Introduction You may have found a home that you love and want to purchase it. The design looks beautiful and it meets all of your “dream home” requirements. However, you know you’ll need financial support to renovate this home. This is where a 203k Rehab Mortgage Loan can help you as a first-time home buyer. 2

  3. What is a 203k Rehab Mortgage Loan? An FHA 203k Rehab Loan allows a first-time home buyer to borrow money for purchasing a home and making improvements. An FHA 203k rehab loan is a loan backed by the Federal Housing Administration and funded by 203k mortgage lenders. 3

  4. Repairs That Qualify There are two types of FHA 203k Mortgage Loans: Standard 203k Streamlined 203k 4

  5. Standard 203k: A standard 203k loan is for properties that need structural repairs, remodeling, a new garage, or landscaping. Streamline 203k: FHA 203k streamline loans are for energy conservation improvements, new roofing, new appliances, or non-structural repairs such as painting. 5

  6. Some of the repairs that an FHA 203k loan may cover include: Plumbing Flooring Decks Patios Remodeling of bathrooms and kitchens Heating and air conditioning systems 6

  7. How a 203k Rehab Loan is Helpful For First Time Home Buyers An FHA 203k Rehab Loan helps a first-time homebuyer to purchase, refinance, and repair a home that needs to be fixed up before it can be occupied. Some of the benefits of an FHA 203k loan are: An appraisal is based on the post-improval value of the home Low credit score acceptance Specially designed for fixer-uppers 7

  8. Requirements for a 203k Rehab Home Loan In order to qualify for an FHA 203k Rehab Mortgage loan, a first time home buyer must meet certain requirements outlined by the Department of Housing and Urban Development (HUD). These requirements include finding a house that needs renovations, finding a qualified lender, and meeting the lender's requirements, which include minimum credit scores, debt-to-income ratios, and proof of income. Once your loan is approved, a date will be fixed for closing. The home repairs must start within 30 days of closing and should be completed within six months. 8

  9. Read more about : 203k Rehab Loan for First-Time Home Buyers 9

  10. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/ Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080 Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060 10

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