You can find some great deals on properties sold as is. But sometimes, they need a great deal of work and renovations, too. An FHA 203(k) Renovation Loan may be just the loan you need.1 This specialized program allows you to borrow the purchase price of the home minus your down payment, plus money for renovations, all with the convenience of a single loan and closing.
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1Available on a 30-year fixed-rate product only. $5,000 min. loan amount (does not apply to FHA Streamline 203(k)). The minimum down payment for single family residences must equal 3.5% of (1) the sum of the purchase price and cost of improvements, or (2) the as-improved appraised value, whichever is less. FHA Up Front Mortgage Insurance Premium (UFMIP) and Monthly Insurance Premiums (MIP) apply. Note: UFMIP can be 100% financed into the mortgage or paid entirely in cash at closing. Ask for details. All renovation construction and/or additions financed with Section 203(k) mortgage proceeds must comply with HUD; ask for details. Where required, work must be performed by a licensed contractor. Timing of resale of property subject to restrictions. Renovation construction must begin within 30 days of closing and all work must be completed within 6 months of closing. Subject to satisfactory appraisal report(s). Not available for investment properties. Restrictions on secondary financing may apply. State restrictions may apply. Minimum credit scores apply. Not all applicants will qualify. Maximum loan amounts vary by county.
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
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1FHA mortgage insurance protects the lender if a borrower defaults on the FHA loan. Each FHA borrower pays a mortgage insurance premium. The premiums are collected and used by the FHA to reimburse the lender (not the borrower) should the borrower default and the lender must foreclose upon the loan/sustain a loss. This insurance enables a lender to provide loan options and benefits often not available through conventional financing. Minimum credit scores will apply. Not all applicants will qualify. Monthly mortgage insurance premiums (MIP) and Upfront Mortgage Insurance Premiums (UFMIP) apply. Maximum loan amount varies by county.