FHA Home Loans Refinancing

Home Improvement Possibilities with FHA 203K

04.25.08

Want to modernize your home or just make some improvements? A home improvement loan may be available for you to do so. Financing the addition of a new room or putting in new flooring may be all you desire. Sometimes you might see a home you’d like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k).

Borrower get one home mortgage that includes the mortgage and the cost of repairs combined. The mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. The advantage of this home loan is that you can buy a home that needs a lot of work, but you still have only one mortgage payment, and you can complete the repairs after buying the house.

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