The FHA 203k Loan program: it's great for a lot of reasons, in many neighborhoods, and for a ton of borrowers. But there are 2 types of this great loan, and that can be confusing. Let's take a look at the 203k loan options available to you.
Whether it’s appliances, carpet or mold removal, the limited repair program FHA 203k Streamline is your home improvement and repair loan.
If you’re looking for structural repairs like replacing a sill plate, pouring a new foundation or something more serious, the loan you want to consider the Full 203k Loan.
The 203k Loan doesn’t have to take months to close. AmeriFirst Home Mortgage is working to spread the word to borrowers and real estate agents that the FHA 203k program can help rejuvenate neighborhoods hit hard by foreclosure. You can borrow against the future value of a home you find that’s a great buy but needs work. In fact we call it the "But Loan" because the 203k covers everything after "I like this house but…" Let us know how we can help.
203k Educator Joe Daly breaks down the finer points of the 203k options in this Mortgage Minute.
If you can't see the video click here for our 203k Full vs. Streamline Mortgage Minute.
If you have more questions on the 203k loan, leave them in the comments section. We get back to you right away, plus your question is probably on other people's minds. So I may use it help spread the word and educate others on the 203k loan.
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