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Have you found a home you love but it needs repair? Consider FHA 203K

Purchasing a home can be stressful enough but finding a home you want and it needs repairs is the worst!  There are ways to get the home fixed without having to  spend your hard earned  cash.  Here is some information regarding an FHA 203K loan.  As always, if you need help reach out to the Re/Max Power House Group 703-530-2950

 

 The FHA 203k Full home loan is available for buyers with credit scores as low as 550, so even those with less-than-perfect credit may qualify.


Program highlights:

   - Good for renovations including but not limited to:
               o structural repairs
               o  room additions 
               o roofing
               o gutters 
               o flooring
               o carpeting
   
   - The minimum total repair cost is $5,000.

   - The maximum total repair cost is 50% of the “Subject-To” appraised value. 

   - Considers the “after-improved” value of the property.

   - Work is completed after loan closing.

   - An escrow account holds the funds until repairs are completed.
  

   - Maximum DTI is 45%/49.99% regardless of AUS Feedback.

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