When a homebuyer wants to purchase or refinance a house in need of repair or modernization, the borrower usually has to obtain financing first to purchase the dwelling or financing to take out any existing liens should they already own it; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. This can be expensive and frustrating, but FHA’s 203K and 203K Streamlines do this all in one convenient loan.
This loan is ideal for the following type of homeowner:
● those interested in buying a property that needs repairs or would benefit from remodeling
● existing homeowners that need funds to rehabilitate/remodel their property
● Want to save time and money by financing the purchase (or refinance) with the cost of repairs
● Who are first-time homebuyers interested in buying short sales or foreclosures
● Want to finance deferred maintenance or future wanted/needed changes to home
Each of these home renovation financing options has their respective strengths and weaknesses. Only a highly skilled and experienced loan officer can assist in weighing the options. FHA 203K and 203K Streamline loans are not simple to construct. Proficiency in each type of financing is a prerequisite for employment as a loan officer at iLoan. We look forward to putting our skills to work for you.
For detailed information on our FHA 203K and 203K Streamline products, call an iLoan loan officer today. Additionally, you may view the following PowerPoint presentation to help you gain knowledge on this financing option.
- Different Mortgage Types and What They Mean to Buyers and Sellers in a Competitive Market
- General Information on FHA VA and Conventional Mortgages
- Buy Your Home With a Low Down Payment of $100.00!
- Seller Contributions Towards Closing Costs on a Home Purchase
- 10 Home Renovations That Don’t Necessarily Add Value