Have you ever wanted to buy a home that needed some work but turned down the chance because you didn't have the money for the repairs? Or maybe the house wouldn't appraise because it needed repairs? What if you could finance the house AND the repairs?
That's what a 203K loan is all about! With a 203K loan you can get a home loan, including the cost of repairs -- both NEEDED and WANTED.
How does it work?
You apply for a 203K loan just like you would an FHA loan -- because it is an FHA loan. There are two types of 203K loan, the 203K Streamline and the 203K. The 203K Streamline is just a simplified version of the 203K.
Do all lenders do 203K loans?
No, not all.
How much can I finance?
Repairs costs can range from $5,000 to $35,000.
Can I buy investment property?
No, this is for owner-occupants only.
Can I buy just a single family home?
No, you can buy single family homes through four-plexes. There are restrictions, like is the property within local zoning laws?
Can I use it to purchase a condo?
Yes, if the condominium complex has been approved by FHA. There are other restrictions, so check with a loan officer to get more details.
You can find out about the 203K program here.
You can also contact Dana Krehmke at HomeServices Lending: (402) 697-4131. And tell her the Campbell Team sent you!
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