We offer 203k Loan Rates that are Low & Our Process is FAST & Painless
However, the loan will also include: 1) a reserve of up to 20% so that you have the funds to complete the remodeling in case it ends up costing more than the suggested estimates and / or 2) a reserve that will give you around six months, less mortgage payments, so you can live elsewhere during the renovation but still pay the mortgage payments on the new home.
The main advantage of FHA 203k loans is that they provide consumers the power to shop for a home that possibly is in need of repairs that you may not have been able to afford while in pristine condition. As a result of the condition, you can commit to completing the repairs and being an FHA Loan Product, the process can begin with as little as 3 ½ % (special product guidelines my apply).