203K MORTGAGE

The FHA 203(k) loan is targeted toward buyers or refinancers who want to renovate a property. The projected costs to fix up the property are rolled into the mortgage cost so borrowers can have everything in one place. The money for rehabbing the property will be held in an escrow account and paid out upon completion and inspection of work.

These loans are available for qualified applicants who can afford a minimum down payment of 3.5%, has a credit score of 620 or higher, and do not currently have any other FHA loans. Borrowers also do NOT have to be first-time home buyer to qualify.