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The FHA 203(k) Rehabilitation Mortgage is an easy to use mortgage program specifically designed for those who wish to make improvements on an owner-occupied home they own or would like to buy.
Rather than having to obtain a separate loan to finance the cost of repairs (or walking away from a home they love because they don’t have the cash for home improvements ), the FHA 203(k) Rehabilitation Mortgage allows you to finance the rehab costs within the first mortgage!
FHA STANDARD 203(k)
The FHA Standard 203(k) Rehabilitation Mortgage is used to purchase or refinance a home that needs structural rehabilitation or major repairs in excess of $35,000. A HUD Consultant is required for FHA Standard 203(k) transactions.
PROGRAM HIGHLIGHTS
FHA LIMITED 203(k)
The FHA Limited 203(k) Rehabilitation Mortgage is used to purchase or refinance a home that needs minor and/or non-structural rehabilitation where the total cost of improvements do not exceed $35,000. A HUD Consultant is not required for FHA Limited 203(k) transactions.
PROGRAM HIGHLIGHTS
Contact me today to learn more!
Ken Venick | Vice President
Direct: 443-471-4310
The post The FHA 203(k) Rehabilitation Mortgage appeared first on Owings Mills & Lutherville Mortgage.
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