Turn that fixer-upper into a head turner.
An FHA 203k loan is a loan backed by the federal government and given to buyers who want to buy or refinance a home with the intention of completing repairs, upgrades, or updates. Meaning an approved 203k lender would provide you with the money to buy (or refinance) the house plus the money for the renovations.
Do you dream of finding an older fixer-upper and updating every detail to your specifications? If so, a 203K loan may be right for you. With a conventional loan, remodeling or buying a home in need of repairs can mean costs after you’ve already purchased the home and often renovations may be more than you expected. The 203k allows you to find the right home, buy with a minimal down payment, and have cash on hand to complete your updates or repairs.
Some examples of repairs covered by a 203K are: