What is an FHA 203k Renovation Loan?
With an FHA 203k renovation loan, you can purchase new home or undertake renovation work in your existing house. Typically, FHA 203k loans are insured and guaranteed by the Federal Housing Administration so, lenders participating in the program face fewer risks in lending money to borrowers. Besides, getting approved for FHA 203k loan could be much easier and hassle-free.
Pros of FHA 203k Rehab Loan
The Two Major Types Of FHA 203k Loan
FHA 203k loans are available in two major forms – standard loans and streamlined loans. You have to decide the right option for your specific needs and budget. So, there may be a need to plan out your home improvement exercise.
FHA 203k Rehab Loan For Home Improvements – Eligibility Criteria
The FHA stipulates certain basic eligibility requirements for approving FHA 203k rehab loan applications. These are as mentioned below.