Looking to purchase a property that requires renovation? The 203(k) Rehab is an all-in-one loan to provide the funds necessary which can save you considerable amounts on closing costs
Credit scores down to 500
Down payment as low as 3.5%
Borrow more than the purchase amount
Borrow up to 6 months mortgage payments while your home is being repaired
Primary residence only
When buying a house that needs repair or modernization, homebuyers usually must follow a complicated and costly process. However, Section 203(k) offers a solution that helps borrowers insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. A 203(k) Rehab loan is a great option for individuals looking to purchase and renovate a home in one transaction. This loan can help buyers confidently decide to purchasing a property despite its current conditions. It also allows buyers to potentially save money on closing costs, as they can avoid the need for a separate loan for repairs.