203(k) Program

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203k Features:

  • One loan to purchase a home and make renovations or repairs.
  • Conventional or FHA 203(k) loan options.
  • Available with a fixed or adjustable rate.
  • Includes single-family, one- to four-family units, planned unit developments and condominiums.

203k Benefits:

  • More money: Loan amount is based on the home value after improvements are made.
  • Lower monthly payments: Costs are spread throughout the term of the loan, so your monthly payments may be lower than other financing options.
  • More choices: Look at properties you wouldn’t otherwise consider.
  • Speed: Start improvements right after closing.
  • Tax deductibility: Interest may be tax deductible (consult your tax advisor on the deductibility of interest).

Considerations:

  • Although FHA loans have the benefit of a low down payment, in many instances, FHA may be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.
  • Financing may not be available for luxury items such as a pool, hot tub or spa with all programs.
  • FHA loans require hiring a contractor.