Today, Elisa Flores joins us to discuss an incredible opportunity. The FHA 203K Loan is a great option for people looking to buy a fixer-upper.
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Today, Elisa Flores joins us to discuss the many features and benefits of a FHA 203K Rehab Loan.
The main feature of a 203K Loan is the ability to purchase the property in as-is condition. This means if there is work that needs to be done on the property, you can address those issues after closing.
The down payment requirement for this loan is only 3.5%, like many other FHA loans. However, the way that down payment is calculated is a little different. Say you're buying a home for $300,000 and it needs $50,000 in work, the 3.5% down payment will be on the amount of $350,000.
Interest rates are a little higher on the 203K, but usually within a quarter of a percent of regular FHA loans. To qualify for this loan, you'll have to submit your credit history, debt-to-income ratio, and proof of employment to a lender.
This loan is fantastic for people who are looking to buy an affordable property that needs some work. It's also great for people who simply want to renovate a home to fit their needs and make it their own! Whatever you decide to use it for, you'll find it incredibly helpful when making changes to your new home.
If you have any questions about this great loan option, you can reach Elisa at (510) 828-1080. As always, give us a call or shoot us an email with all of your real estate questions and concerns. We would love to hear from you!
