An FHA 203k loan enables you to borrow money, with one single mortgage-sized payment for both home improvement and a new property. Since the interest rates are lower in comparison to traditional mortgages, many people opt for this method of financing as it can be easier to qualify without any additional loans from private lenders.
Benefits of an FHA 203K Loan:
You will gain instant equity
Usually less competitive market to purchase a home that needs improvements
Covers the full price of the home plus any eligible repairs (non-structural)
Borrower requirements for FHA 203K Loan:
580 minimum credit score
3.5% down payment
Borrowers must live in the house for 12 months - this is not a "house flip" loan
An FHA 203K loan is a perfect option to buy a house that needs a little hard work and love to make it your unique home.
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