Standard FHA 203k Loan

FHA Section 203(k) insures mortgages covering the purchase or refinancing and rehabilitation of a home that is at least a year old.  At closing, a portion of the loan proceeds is used to pay the seller, or if a refinance transaction funds are used to pay off the existing mortgage lien. The remaining funds are placed in …

Streamlined FHA 203k

The Streamlined FHA 203(k) loan is intended to facilitate uncomplicated rehabilitation or improvements to a home being purchased or refinanced for which plans, consultants, engineers and/or architects are not required.  You will still need the services of a contractor as required. FHA’s Streamlined 203(k) program permits homebuyers (purchase loan) and homeowners (refinance loan) to finance up …

What is an FHA 203k Loan?

Named after the Federal Housing Authority Section that outlines its guidelines, the FHA 203(k) loan fills a unique and important need for homebuyers buying a house that needs repair or modernization.  The loan is for both homebuyers and existing home owners.  The FHA insured 203(k) loan program enables borrowers to purchase or refinance their home …