Found a Diamond in the Rough? Finance Your Home Purchase and Renovation Costs in an FHA 203k Loan


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:

  1. 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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