Have you always wanted to add your own personal touch to an existing home? Does the idea of a remodel project excite you? Are you willing to put in some sweat equity to create your dream home in the Seattle area?
If you answered yes to any of these questions then you should look into applying for the FHA 203k rehab loan program. FHA 203k loans are offered by the Federal Housing Administration, a government agency. Homeowners typically qualify for a FHA 203k loan only if they are planning on living in the home they are repairing. The down payment requirement is generally low, and the eligibility criteria are rather flexible. FHA 203k loans are intended for houses that are damaged and in need of improvement and rehabilitation. The best part of this loan is that it not only covers the cost of the property, it also covers the cost of the necessary home repairs.
There are two types of FHA 203k loans, regular and streamlined. Streamlined loans are meant more for non-structural repairs and regular 203k loans are for homes that need structural repairs. FHA 203k loans can be applied to tear-downs as well, as long as part of the foundation remains in the rebuild. Multi-family homes, condos, and remodels on your existing property all qualify for an FHA 203k loan.
The steps to qualify for an FHA 203k loan can be tricky and moves rather quickly so using an approved FHA lender who will guide you through these steps will be very beneficial and will end up saving you money in the long run. Our team at Real Estate Solutions Group have these type of lenders available for any questions you may have about FHA 203k loans.
Information about FHA 203k loans was taken from: www.realtor.com/home-finance/homebuyer-information/what-is-an-fha-203k-loan.aspx