What is a FHA 203 (K) Loan?

WHAT IS A FHA 203(K) LOAN?

Are you looking at or have you found a home that is a “fixer upper”… you know a home that you really like but it needs work?  But now you are thinking you just don't have the money for the down payment and the money to make the repairs? Well, the FHA 203(k) loan might just be the right loan for you. This program will allow you, the borrower to include the repair and improvement costs into the loan amount on either a purchase or refinance with a one time closing. The funds for the repairs and improvements are held in an escrow account, and are released when the work is completed. The mortgage amount is based on the projected value of the completed project. FHA has made this loan easier and faster to close than ever before.

Now you know that you have options when you find the perfect home that needs repair.

And as always, if you or someone you know is considering a move, I can help you find the home you are looking for…it’s what I do!

Here are The Advantages of a FHA 203(k) Loan …

It can be for Purchase or Refinance

Standard FHA Down payment

Finance up to 6 months mortgage payments

Special HUD down payment programs

An FHA assumable mortgage

One-to-Four Family Dwellings

Repair and improvement work is completed after your loan closes

Eunice Waller 

Prudential Simpson & Associates

540-842-1061 direct

http://www.fredericksburghomesource.com/

"NO ONE Knows Real Estate Better ~ "Helping Families Since 1984!"

11/29/2010