203K

We educate real estate professionals; mortgage lenders, real estate brokers, real estate agents, general contractors and sub-contractors how to business with this little used strategy.

 

HUD's 203(k) mortgage loan – also known as the FHA 203(k) loan, a mortgage rehab loan, or renovation loan – can be used to fund both a home’s purchase and renovations under a single mortgage. In effect, it allows home buyers who are considering purchasing a fixer-upper that requires multiple repairs and significant rehabilitation efforts to roll the cost of both the property and these projects into one loan. In addition, current homeowners can also apply for the 203(k) loan and use it as a means through which to refinance their property and fund the costs of an upcoming renovation through a single mortgage as well.