FHA 203k
 Rehab ~ Remodel ~ Renovate ~ Refinance

There are more good options available today for financing residential real estate than most people realize. Selecting the right financing depends on your personal needs, abilities, and comfort levels.

One of the best all-round fixed rate mortgage programs for financing your home in this market is the FHA 203K Rehab/Remodel/Renovation program. As a Buyer you can buy a property that needs work for a lower price and then use this program to improve the property and build equity. As a Seller, this program offers the option of improving the property so that it can be sold for the best price. This program is only available for buyers that will living in their property and is not available to non-owner occupied investors. Click here to see the types of improvements you can make to the property.

The loans are:

  • Fixed Rate 15 and 30 year loans

  • Rates are usually equal to or less than Traditional Conventional Financing programs

  • Buyer Loan Qualifications are more Flexible and Buyer Friendly

  • Maximum Loan Amount for Owner Occupied Properties in Cuyahoga, Geauga, and Lake Counties:
    Single Family: $298,750 ~ Two Family: $382,450 ~ Three Family: $462,300 ~ Four Family: $574,500

  • An Assumable Fixed Rate Loan for 15 or 30 years at today's rates, less than 5%, is a value all by itself. In the 1950's Fixed Rate Convention Loans were in the 5% range. In October of 1979 Traditional Fixed Rate Conventional Loans went to 18% almost over night. Sellers with FHA FIXED RATE ASSUMABLE LOANS were able to sell their properties when other Sellers simply could not. Just imagine the value, a 6% loan in an 18% market. It has happened before. Most Non-FHA FIXED RATE MORTGAGE programs ARE NOT ASSUMABLE.

  • The Total Mortgage Amount is for one Fixed Rate Loan that covers the Mortgage Amount needed to purchase the home and the Additional Amount needed to improve the property.

  • The Appraised Value of the Home will be based on it Future Improved Value of the property. Dollars are held in Escrow and Paid out to Contractors upon Completion and Inspection of work agreed upon.

  • The Seller can pay up to 6% of the Buyer's Down Payment, Acquisition, Pre-Paid Charges, and Closing Cost

  • Eligible Properties:
    Single Family Dwellings
    Condominiums
    Townhouse
    Mixed Use (Storefront)
    1-4 Unit Buildings

  • This program is Not Available to Non-Owner Occupied Investors but that can be arranged as well through other programs.

View FHA 203K Guidlines

If you are buying or selling real estate in today's market the direct personal experience of your agent can save you thousands of dollars and help you to successfully achieve your goals.