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Amerifirst blog

 Explore our blog for insights on buying, financing, remodeling, and taking care of your home.

60 Second Mortgage Tip: Buying a Fixer Upper with the FHA 203k

Fixer-upper homes are the norm in today's housing market. Whether it's home owners who quit maintaining their homes because values dropped, or bank-owned homes that have stood vacant for 12 months, home buyers today will come across all levels of houses in need of some TLC. But this doesn't mean you have to do all the work yourself or come up with a huge stash of cash to pay for the work up front. There's an option when it comes to home improvement loans that lets you borrow money on top of the value of the home, based on the after-improved value. It's called the FHA 203k. Download the FHA 203k Survival Guide here and learn more.

How Long Do I Have to Live in a House with FHA 203k?

It's probably the most-used renovation loan in the housing market: FHA 203k. This mortgage loan option helps home buyers purchase and fix up a home with one mortgage, one interest rate, one payment. The caveat to this mortgage is that the house must be your actual home, not an investment home or a second home. 

What Does the 203k Loan Cover?

From the roof to the basement you can find a lot of home improvements, renovation, repairs and remodeling projects you'd probably like to do in you home. Or if you're out house hunting, you're probably finding homes out there you like - but you'd really love them after you make your changes in style and function. But in today's housing market full of equity problems, the old way of using a home equity line of credit (HELOC) to pay for these projects is gone. 

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