Have you found a house in the perfect location however the house needs too much work done to qualify for a regular mortgage?
Don’t let this ugly home slip through your fingers as there’s a mortgage product available that lets you buy a home, have it renovated and include the rehab costs into the mortgage!
Don’t want to live on a building site whist the renovations are being done? No problem, you can have all the work done before you even move in!
What is the awesome mortgage called I hear you ask?
It’s called a FHA 203k and it’s a specialized renovation or construction loan, backed by the Federal Housing Administration. It is available to buyers, and combines the traditional “home improvement” loan with a standard FHA mortgage, allowing you to borrow your renovation costs.
Below is an overview of the 203k loan program:
- Downpayment of 3.5% of the purchase price plus renovation costs.
- 600 FICO score.
- You can do anything with this loan, fix foundation issues, add a room, move a wall, make repairs, even repair the pool, etc.
- All of the renovations will be done before you move in.
- Customize any home into your dream home.
Please contact me or txt / call 469-556-2393 and I can put your in contact with a lender that specializes in renovation loans as some lenders don’t do them.
We are Frisco, TX home specialists. If you have any questions about real estate in Frisco, or any neighboring DFW communities, please fill out our contact form, or call 469-556-2393 for assistance.
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