Home Renovation, Renovation Financing, FHA 203K – Request a Consultation
If you want to buy a home that needs Home Renovation repair (see FHA 203K loan program eligibility requirements) or need Home Renovation Financing for your current home, the Section 203(k) loan program by the U.S. Department of Housing and Urban Development (HUD) may be a good option for you. This program allows you to finance the purchase of a house—or refinance your current mortgage—and include the cost of its repairs through a single mortgage.
The Section 203(k) loan program is HUD’s primary program for the rehabilitation and repair of single family properties. Section 203(k) loans are provided through HUD-approved mortgage lenders nationwide and insured by the Federal Housing Administration (FHA), which is part of HUD. “Section 203(k)” refers to the law, part of the National Housing Act, which allows FHA to make this mortgage insurance available. The loans are beneficial for low- and moderate-income individuals or families since the loan down payment can be as little as 3 percent. While individuals, local governments, and non-profit organizations may participate as borrowers in the program, the property must be used as a principal residence by an individual or family.
If you would like for us to give you a free 203K rehab project consultation and estimate on a property you are planning to purchase, please complete the form below, and we’ll be in touch with you within 24 hours to discuss your project, and arrange a convenient time for you to meet with our Client Service Manager.
For more information on MD, VA, DC Home Renovation, Renovation Financing or FHA 203K eligibility and requirements, call us at (240) 764-5347 or contact us today!