What is a 203K Loan?

FHA’s Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in.  With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

This is a great program if you are trying to buy a home that doesn’t pass a conventional or FHA inspection.  Most other loans would require that the home be fixed before closing but the 2o3k loan allows you to roll in the repair costs into the loan and close prior to renovation.

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