Why use a 203k loan?
- You can borrow up to 110% of what the property will be worth after the renovations are completed.
- Have a low-down payment of around 3.5%.
- Be able to make an offer on a home that normally wouldn’t qualify for a loan due to poor property conditions.
- Refinance home to budget for renovations or repairs.
What does a 203k Consultant do?
- They will ensure that all property requirements are met.
- Review the contractor’s bid and submit the corresponding paperwork per HUD guidelines.
- Assure all the repairs are being done within the allotted time frame.
- Evaluate all repairs are being done by HUD guidelines.
Call our office if you have any questions or to find out if this renovation loan is right for you, 800-345-2776.