203K Mortgages – A Real Story About Real People

With a growing family, Rob and Megan wanted to find a larger home in their current neighborhood. But four-bedroom homes under $200,000 were hard to come by in their area, this year, because fewer properties are for sale. When they saw a 2,100-square-foot home that needed cosmetic repairs this fall, it was an opportunity the family could not pass up. So they worked with their real estate agent and lender to secure a FHA 203k loan. The FHA 203K loan is a rehabilitation loan that enables a home buyer to finance the purchase of a house and the cost to rehabilitate it through a single mortgage. The loan can be used for minor repairs or a near reconstruction, as long as the foundation remains in place. Rob and Megan knew they were not handy people. Plus, they both work...

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