FHA 203k Mortgage Loan

How does an FHA 203k Loan works?
Under the FHA 203k mortgage loan program, a qualified borrower can get one permanent fixed or adjustable mortgage to finance the purchase and rehabilitation of a property. The mortgage is based on the estimated value of the property after the repairs. The mortgage is insured by the FHA in order to minimize the risk to the lender.

Who Should Consider a 203(k) Mortgage?
Those considering purchasing a property in need of repair or renovations
Current homeowners who need financing to rehabilitate their property
Those who might not qualify for traditional construction loans
Those living in disadvantaged neighborhoods
Those with limited funds for a down payment or closing costs
Homeowners who wish to make their home more energy efficient

What Type of Repairs are Eligible?
Roofing, gutters, and downspouts
Heating, ventilation, and air-conditioning systems
Plumbing and electrical systems
Flooring
Painting
Lead paint abatement
Remodeling, rebuilding, and additions
New appliances (range or oven, microwave, trash compactor, washer, or dryer)
Handicapped accessible improvements
Energy efficient improvements
Decks, patios, porches, and fences
Basement finishing and waterproofing
Windows, doors, and siding
Mold abatement or termite removal
Connection to public utilites
Repair or replacement to septic tanks


For more details check the article posted under by Total Mortgage Services

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Handyman Matters San Diego
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