Found a home you love but want to add updates, repairs or personal touches? For borrowers who want a more custom product look no further than the FHA 203(k) construction or “rehab” loan which allows homebuyers and homeowners to finance both the purchase and rehabilitation through a single mortgage. You are also able to finance the rehabilitation of an existing home.
Funds from an FHA 203(k) loan can be used to fund a variety of projects such as:
Installing or repairing roofing and flooring
Upgrading your homes HVAC or windows
Redoing landscaping and enhancing curb appeal
Making changes that improve the homes appearance such as siding and gutters
Must have a minimum down payment of 3.5%.
