203K Loan Requirements

An FHA 203k loan can be an excellent option for anyone looking to purchase and rehabilitate an older house, or for those looking to refinance and/or remodel their existing home. Before embarking on the application process for one of these loans, however, it is important to know the ins and outs of 203k loan requirements. An awareness of the qualifications for loan eligibility can better prepare potential borrowers to meet with lenders and contractors. 203K Loan Requirements : The Basics In a nutshell, a 203k loan is a federally backed construction loan that is overseen by the Federal Housing Association, part of the U.S Department of Housing and Development. The loans aim to improve appearance and livability of single- family homes, or extended family homes of up...

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