Apply for your FHA 203k loan

FHA 203k Loans - How the Loan Program Can Be Used:

 The FHA 203k Loan Program

The FHA 203k Loan program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways: 

  • The FHA 203k Loan can be used to purchase a home and the land on which the home is located and rehabilitate it.
  • To purchase a house on another site, move it onto a new foundation on the mortgaged property and rehabilitate it.
  • To refinance existing indebtedness and rehabilitate a dwelling;

If you are using the FHA 203k loan to purchase a dwelling and the land on which the dwelling is located and rehabilitate it, and to refinance existing indebtedness and rehabilitate such a dwelling, the mortgage must be a first lien on the property and the FHA loan proceeds (other than rehabilitation funds) must be available before the rehabilitation begins.

If you are using the FHA 203K loan to purchase a dwelling on another site, move it onto a new foundation and rehabilitate it, the mortgage must be a first lien on the property; however, 203k loan proceeds for the moving of the house cannot be made available until the unit is attached to the new foundation.

Throughout this site you will find some helpful information about this loan option.

 

FHA 203-K
     Loans

 



Site Menu >>
 

  FHA 203K Loan
 

 


Search >>
 

  FHA 203k loans