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What are FHA 203k loans?

When individuals typically utilize Federal Housing Administration financing, the traditional source of funding is the 203b loan. However, property buyers purchasing Milwaukee homes in need of rehabilitation can utilize FHA 203k loans. FHA 203k loans are an option for home buyers with a home in need of property rehabilitation, allowing the buyer to add costs of rehabilitation repairs onto the mortgage loan. In addition to simplifying the process of costly Milwaukee home repairs, FHA 203k loans can be used for remodeling costs when purchasing it. This is highly useful for home buyers wishing to update a kitchen or bathroom when they purchase a new home, amongst other room additions and home expansions. Milwaukee FHA 203k loans are especially favorable for first time home buyers, as they only require a 3.5% down payment.

FHA loans are highly beneficial in the right circumstances, but also carry a number of FHA loan requirements which must be fulfilled to attain the 203k loan. The minimum amount of repairs required to utilize this unique loan is $5,000. The FHA high credit standards require you not have outstanding tax payments or have defaulted on a previous installment loan or government loan, otherwise you will not qualify. In addition, the Milwaukee property you are purchasing must also qualify for a FHA 203k loan. The Milwaukee home inspectors at House Detective will meet with you to determine if your project is feasible by assessing how much rehabilitation work will be required and estimated costs. If the project is feasible, House Detective can prepare the necessary Specification of Repairs (SOR) and related FHA documentation required by the lender.

Due to the meticulous requirements of FHA 203k loans, it is essential Milwaukee borrowers consult House Detective, an approved FHA 203k consultant. Make your home remodeling a reality with an FHA approved 203k loan from Milwaukee home inspector House Detective by calling 262.782.2692.