203K FHA FLYER

FHA 203K loan Brian J. Grabowski What Is A 203K Loan? 203- 842-6443 The FHA 203K is a loan program designed by the United States Department of Housing and Urban Development (HUD) for the rehabilitation and repair of single family properties. With a 203k loan, the borrower can get just one mortgage loan that includes both the cost of buying the property and the cost of renovating it!  Borrow up to 96.5% of the purchase price of home and cost of repairs/improvements. (need 620 score).  Lower cost mortgage insurance than a conventional loan.  Can only be used to purchase an owner occupied property (no investment properties, second home, or vacation home).  1.75% up front Mortgage Insurance fee (added to loan amount). Before and After $110,000 purchase price + $ 10,000 repairs/improvements $120,000 total cost X96.5% (loan to value) Loan amount of $115,800 Common repairs and imporvements done with 203K funds * Painting * New Appliances * New flooring * New bathroom fixtures * New kitchen cabinets / counters * New roof / gutters * Repair / Replace HVAC systems * Weatherization: including storm windows and doors, insulation, etc. * Accessibility improvements for accessibility for persons with disabilities * Septic system and/or well repair or replacement Home Buyer Training Page 6

203K FHA FLYER

by CENTURY 21 AllPoints Realty on Nov 06, 2009

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203K FHA FLYER — Document Transcript