The 203-K loan program is dedicated to the pursuance of home ownership and improving communities. If you’ve given some consideration to opening your search to homes that need a little bit of TLC, this could be the loan program for you!

Offered by many Lenders, this loan type is especially helpful for those that are considering a Good Neighbor Next Door Home. With many of the homes offered through the Program, rehabilitation and upgrade expenses can be costly.

As with other FHA loan programs, the 203-K Loan allows for:

• A lower 3.5% down payment
• Lower credit requirements than other loan programs
• Assumable notes and no prepayment penalties

But many things set the FHA 203-K Home Loan program apart, including:

• Single loan for both purchase and improvements or upgrades to the home
• FHA Energy Efficient Mortgage (EEM) allows for improvements that will lower utilities
• The ability to pay for improvements that fit your personality!

Click here to read an article about how the FHA 203-K Home Loan has worked for buyers. Contact me if you are interested in speaking with a 203-K Loan Representative.