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Finance Your Home Renovation with an FHA 203k Mortgage Loan

When buying a house that needs repair or modernization, homebuyers usually have to follow a complicated and costly process. An FHA 203k loan is a rehab loan that provides funds not only for purchasing a house, but also for remodeling. It offers a solution that helps borrowers cover both the acquisition and rehabilitation of a property. This presentation will provide you a brief about FHA 203k Mortgage Loan. <br>Read more at : https://www.drewmortgage.com/finance-home-renovation-with-fha-203k-mortgage-loan/

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Finance Your Home Renovation with an FHA 203k Mortgage Loan

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  1. Finance Your Home Renovation with an FHA 203k Mortgage Loan Drew Mortgage Associates

  2. Introduction An FHA 203k loan is a rehab loan that provides funds not only for purchasing a house, but also for remodeling. It’s the best mortgage loan if you’re planning to buy a house that needs some repairs. It offers a solution that helps borrowers cover both the acquisition and rehabilitation of a property.

  3. What is a FHA 203k loan? • A home renovation loan by The Federal Housing Administration (FHA). • Requires a minimum down payment and a low credit score to purchase and repair the house. • A Streamline FHA 203k loan is used for cosmetic improvements or upgrades. • A standard FHA 203k loan is designed for more extensive and expensive repairs.

  4. Standard 203k loans are provided for repairs like: Remodeling Structural Repairs A New Garage Landscape FHA 203k loan Cover…

  5. Streamlined 203k loans are provided for repairs like: Energy Conservation Improvement New Roofing New Appliances Non-structural Repairs Such As Painting

  6. Patios Decks Flooring Bathroom and Kitchen Remodeling Plumbing New Siding Second Story Addition Note: This program does not cover for luxury improvements like building a swimming pool or outdoor tennis courts. FHA 203k Loan Also Covers

  7. An FHA 203k loan is not for investors. They are for owner-occupants. Eligibility Criteria: One to four family dwellings Existing construction should be completed for at least one year. Tear down for a home should include existing foundation. Condos are eligible, but the home cannot be a co-op. Eligibility

  8. Creating a detailed proposal explaining the scope of work to be done. This will include a detailed cost estimate on repairs and improvement. An appraisal Additionalmortgage loan application Requirements: Proof of Income Proof of Assets Credit Report. Applying For an FHA 203k Loan

  9. If you find a house that is perfect for you, but requires some repairs, an FHA 203k loan will help rehabilitate your home. Read more at : https://www.drewmortgage.com/finance-home-renovation-with-fha-203k-mortgage-loan/

  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

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