203K Loans of 2019 – The Christian Penner Mortgage Team
203K Loans of 2019
An FHA 203K loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it. Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. An FHA 203K lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom.
Often the loan will also include: 1) an up to 20% “contingency reserve” so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested and/or 2) a provision that gives you up to about six months of mortgage payments so you can live elsewhere while you’re remodeling, but still pay the mortgage payments on the new home.
Find a property that qualifies for a FHA 203K Loan
The Christian Penner Mortgage Team,
Buyer Referral Hotline : (561) 316-6800
Or You can click "Call Me" below to call Christian Penner directly using Google Voice
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712 U.S. Highway 1 North #300, North Palm Beach, FL 33408
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