The FHA 203k is a renovation loan program that provides funds for both the purchase and renovation of a home. There are two types of an FHA 203k loan. The first is normal 203k, which is given for properties that need structural repairs such as a new roof or a room addition. The second is the streamlined 203k, which is given for non-structural repairs such as painting and new appliances, and has a maximum repair budget of $35,000. The minimum repair amount is $5000. There are additional steps in the process to obtain the benefits for this type of loan, so having an experienced lender on your side is crucial.
Get Pre-Approved for an FHA 203K Loan
If you are looking to purchase or refinance a home in Troy, or anywhere in the United States, contact Alex Kandah - Bank of England Mortgage at (248) 633-8555 or simply fill out the form on this page for prompt, professional, honest guidance.