New Home Improvement made easier 

with FHA 203 (k) Loan

 

You could take advantage of a Fixer Upper Home and make repairs with an FHA 203(k) Rehabilitation Mortage.

With 1 Loan that combines the cost of buying the home with the cost of making repiars, the 203(k) could be ideal for qualified bueyrs interested in purchasing a home that needs repairs or updating.

The 203(k) advantages include:

  • Qualify with as little as 3.5% down payment
  • Cash needed for repairs is built into the Loan amount
  • Loan amount is based on the as-improved value

For homes needing limited repairs, qualified buyers may opt to use the FHA Streamline 203(k) program with all the advantages, except up to $35,000 of loan proceeds can be applied toward repair or rehabilitation.

 

Contact Team Rickards today for more information about how you could turn that fixer-upper into a cozy, comfortable home.