FHA 203(k) Loans – Renovation Loans – Rehab Loans in NH
Picture this: You found the home of your dreams. It’s the right location. It’s a screaming good deal! The problem is, this dream home is in need of some serious repairs and will require lots of money that you don’t have. What you need is a FHA 203(k) Rehabilitation Loan.
What is a 203(k) loan?
It's a loan in which we lend most of the money you need to buy the home AND most of the money you need to fix it up. This is how we help transform your fixer-upper into your dream home! Key features:
- Money to buy a home and money to fix it up
- Government insured with only 3.5% down
- Low fixed rate
- No pre-payment penalties
- Seller can pay closing costs
Think of this as a single-close construction loan requiring only 3.5% down. At the closing, the seller gets paid what you agreed to pay for the purchase of the home. The rest of the money you borrowed with the loan is put into an escrow account for the rehabbing of your new home.
The amount of money needed to fix a property can vary widely from one property to the next, but funds from the renovation loan program can be used for such things as:
- Kitchen and bathroom remodeling
- Electrical system updates
- Replacement windows
- Energy-saving improvements
- Room additions
- Or even a complete gut job
The FHA 203(k) programs come in two varieties: the full 203(k) and a Streamline(k) program for smaller rehabs. There are other rehab programs as well:
- Fannie Mae HomePath
- Fannie Mae HomeStyle
- Construction financing
If a rehab loan sounds like the right mortgage solution for you, contact Charley at (603) 471-9300 or send an email to discuss which rehab loan program is the best one for you.