What is FHA 203K?
Have you found a home you love, but it’s not in good condition? Well, the only to live in it would be to buy and renovate it. However, you may realize that the renovation cost is too costly, and you won’t get a loan anywhere.
That’s where an FHA 203k comes in.
An FHA [Federal Housing Administration] 203k is a loan that allows you to purchase the house you want and make the needed renovations at the same.
Say, for instance:
You want to purchase a home that needs a new kitchen or bathroom.
An FHA 203k lender gives you the cash to buy the home renovations plus the finances for the necessary renovations.
FHA 203K basics
FHA 203k loans enable people to rehabilitate houses that require some help and turn them into desirable homes.