FHA 203k Loan

The FHA 203k is a renovation loan program that provides funds for both the purchase and renovation of a home. There are two types of FHA 203k loans. The first is a limited 203k, which is given for properties that need just cosmetic repairs such as flooring or paint, countertops, and bathrooms.  The limit is $35,000 that can be added for this program.  The second is the standard 203k, which is given for structural work and whatever cosmetic interior work you want.  The minimum loan amount is $5000.  Both require a general contractor which cannot be you.  These options are perfect for the buyer that wants to buy a foreclosure or a older home that is underpriced.  You can go in and make it exactly the way you want it.  Make sure you call first as FHA has a loan limit size based on County.  Also you only need to put down 3.5% of the purchase price which makes this option fantastic for first time homebuyers too.  Call today for more information.