Get a COMPLIMENTARY quote on a 203K Loan & fix that home up in a hurry!
The main benefit of these loans is that they give you the ability to buy a home in need of repairs that you might not otherwise have been able to afford to buy. Plus, the down payment requirements are minimal, and often you get decent interest rates.
An FHA 203K loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it. Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. An FHA 203K lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom.
Often the loan will also include: 1) an up to 20% contingency reserve so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested and/or 2) a provision that gives you up to about six months of mortgage payments so you can live elsewhere while you’re remodeling, but still pay the mortgage payments on the new home.
We’re here to make the 203K home loan process a whole lot easier, with tools and specialists that will help guide you along the way, starting with our Complimentary
203K Loan Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
The 203K Loan Process
Here’s how our home loan process works:
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a. The information provided by these calculators is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.
*Calculator Disclaimer: Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
TRID Disclaimer: Your actual rate, payment and costs could be higher. Get an official loan estimate before choosing a loan.
PRMI NMLS 3094. Branch NMLS 994598. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Arkansas Securities Department 11558. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act 4130403. Office of the State Bank Commissioner SL.0000524. Missouri Division of Finance. Oklahoma Department of Consumer Credit ML010027. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas. TN-Department of Financial Institutions 109282. Consumer Voice