What is a 203k?

What is a 203k?       

The FHA 203k loan is a residential mortgage that allows you to finance elective improvements and required repairs into one fixed mortgage.  The loan can be used to purchase or refinance your home.  When the construction is complete, the home will meet your needs and FHA standards.

The loan can be used to buy a house that is in disrepair or the home can be in perfectly good condition, but maybe out of date.  Here are some examples of projects we have helped borrowers complete with the FHA 203k loan:

·         Kitchen and/or bathroom remodel

·         Roof, siding or windows – repair or replace

·         “Pop the top” – adding a second story onto a one story house

·         Replace septic systems

·         Electrical or plumbing repairs

·         Flooring – new carpet, tile or hard wood flooring

·         Flooring – refinishing old wood floors

·         Gutters & downspouts

·         Basement finishing

·         Structural repairs

·         Complete remodels

·         Many, many more

The important part of doing a 203k loan is that house will eventually be safe and sound.  Construction work can get complicated and it is important that borrowers work with lenders that have experience in closing the loan and helping borrowers put together a project that plans for the worse and hopes for the best.

 

Contact the Colorado 203k Experts now to ask about your project: 303-759-7331 or mackerman@ulc.com


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