Quick Facts

  • Type of Loan: The FHA 203K is considered a Government Rehabilitaion Loan insured by HUD.
  • Loan Term: 15, and 30  years fixed.
  • Mortgage Insurance:  FHA requires MIP ( Mortgage Insurance Premium) both up front and monthly regardless of your down payment or loan to value.
  • Credit Score Requirements: 600 Middle Credit Score for all borrowers.
  • Down Payment Requirements: 3.5% is the minimum down payment on the improved value loan amount.
  • Interest Rate: Fixed/ Adjustable
  • Additional Facts: Designed for buyers interested in renovating and / or improving an existing property that may need some work or extensive remodeling.  You have 6 full months to complete the improvement or repairs to the home you are purchasing. Standard FHA guidelines are used to determine eligibility.

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