FHA 203 Rehab Loans
Get 2 in 1 with FHA 203 Rehab Loans!
An affordable house in Las Vegas designed to your specific style is what you might dream of. Moreover, the purchase of an old house with the thought of remodeling it might seem a perfect scenario to you. But at the end of the day, after calculating the renovation costs, you give up the idea. Here is when FHA 203 rehab loans kick in to fill your budget gaps.
These loans are backed by the federal government. They will provide you finances to buy a fixer-upper and do repairs on it. All this sounds great! But before that, a little exploration of options wouldn’t hurt.
Types of Loans
Based on your needs, two main types of FHA 203k mortgage loans can be distinguished:
- Regular or standard - You can make structural repair, remodeling, or landscaping in your new home. Or maybe you would want to build a new garage. All these are covered by this option.
- Streamlined or limited - If you have planned non-structural repair, energy conservation improvements, new roofing, or new appliances, take this option.
Improvements of decks, patios, flooring, plumbing, heating, and more, are also in the scope of FHA 203k rehab loans. Keep in mind that this loan covers the repairs that become a permanent part of the property.
The Benefits of FHA 203 Rehab Loans
With this loan you own a home you couldn’t afford before, no matter how old and damaged it is. Moreover, the down payment you will need to pay is minimal. Another plus is that a family member or an organization can pay it on your behalf. And most importantly, you can get a good deal with rather low interest rates if you are lucky enough. This will mainly depend on the FHA 203k lender. So, do your own research or even better, contact an expert to make the work for you.
Applying for this loan is not one of the easiest, let alone the funding limits. It’s also important to know if the questioned property qualifies for the FHA 203 rehab loans. We bring the extensive experience of our experts to the table. Make use of our resources to calculate your risks properly and avoid financial ruin. We can partner to build your home together.