If you are hiring a contractor to renovate your home or buying that fixer upper, the FHA 203K loan may be right for you. It lends you the money to purchase or renovate the home plus the extra money necessary to make the upgrades. The FHA 203K offers a low down payment and flexile fixed-rate terms.
- 3.5% Down Payment (gifts, grants, or community seconds accepted)
- 15 or 30 year fixed-rate terms
- Credit score as low as 640
- Up to 96.5% financing loan to value