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.
Ready to take the next step? Apply Now or Get help from an expert.