If the home of your dreams is a fixer-upper, an FHA 203(k) loan can help you buy it and make the repairs you need.
What is an FHA 203(k) Loan?
An FHA 203(k) loan is a mortgage product that lets you roll together home purchase and repair costs.
That means you only need to apply for a single mortgage product. You then make payments on just one loan.
FHA 203(k) Loan Benefits
- You can save money with an FHA 203(k) loan compared to separate loans since you are not doubling up on interest payments each month.
- You can borrow for the cost to live somewhere else for six months during the repair process.
- There is an FHA 203(k) contingency reserve that you can fall back on if you underestimate your repair costs.
- Getting an FHA 203(k) loan is simple and streamlined compared to the old practice of taking out multiple loans.
Note that you cannot use FHA 203(k) financing for luxury upgrades such as a swimming pool. If you are not sure whether FHA 203(k) financing will work for your needs, you can ask us during your consult about your plans.
If you require a different type of loan for your home repair or renovation project, we can point you toward alternative financing products.
Apply Now for an FHA 203(k) Loan in Rancho Cordova or Beyond
With an FHA 203(k) loan, the funds you need to turn your fixer-upper into your dream home are closer than you think. If you are ready to begin, please contact us today at (916) 669-1682 to schedule your consultation.
We can work with you in Rancho Cordova, Gold River and throughout Sacramento, El Dorado, Placer, San Joaquin and Stanislaus Counties. We can also serve you anywhere else in California.