FHA 203k Rehabilitation Loans

Are you looking to purchase a fixer-upper?  As an FHA approved lender, Mlend can help you secure a single loan to finance the purchase of a new home and cost of renovation.

FHA 203k home loans are insured by the Federal Housing Administration and have similar requirements to traditional FHA home loans.  Normally when purchasing a home in need of improvement the purchaser must obtain separate loans for the purchase and rehabilitation of the dwelling.  These loans are generally short term and high interest rate.  A 203K loan allows the purchaser to take out a single, long term, fixed- or adjustable-rate loan to finance the entire process.  A 203K loan can also be used to refinance an existing home and provide funds for renovation.

These loans are good for financing:

• structural improvements- constructing of additions; finishing basements or attics; repairing insect damage; repairing structural damage
• improved function or appearance and modernization- remodeling bathrooms and kitchens; replacing exterior siding; installing new flooring; replacing roofing, gutters, and downspouts
• reconditioning or replacing plumbing- connecting to public water or sewer; replacing or repairing heating, air conditioning, or electrical systems; installing wells or septic systems
• energy conservation improvements- replacing windows with new energy efficient windows; installing insulation; adding solar hot water systems
• accessibility improvements- remodeling for wheelchair access; adding exterior ramps; installing accessible appliances

Only certain homes are eligible and renovated properties must meet certain energy efficiency and safety guidelines.  Please contact one of our mortgage consultants see if an FHA 203k loan is a good fit for your project.