Are you a fan of Property Brothers on HGTV? They’re the guys who help homebuyers turn dilapidated houses into dream homes. Well, it’s probably the only show my husband and I agree on, so we watch a lot of it. (He’s not so into The Bachelor, and I’m not so into WWE.)
Until I became a loan officer, I always wondered how the financing behind the project worked. Now I think I have a good idea: It’s called an FHA 203k loan. An FHA 203k loan allows you to purchase a home and finance the costs of renovations into one loan. Read all about the program here on HUD’s website.
Here are the three main reasons why a borrower might opt for a 203k loan:
- The home the borrower wishes to purchase is being sold “as-is” and it has health or safety related issues that FHA will require to…
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