203k Rehab Loan For First Time Home Buyers

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203k Rehab Loan for
First-Time Home Buyers


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Introduction

• You may have found a home that you love and want
  to purchase it. The design looks beautiful and it
  meets all of your dream home requirements.
  However, you know youll need financial support
  to renovate this home. This is where a 203k Rehab
  Mortgage Loan can help you as a first-time home
  buyer.

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• What is a 203k Rehab Mortgage Loan?
• An FHA 203k Rehab Loan allows a first-time home
  buyer to borrow money for purchasing a home and
  making improvements.
• An FHA 203k rehab loan is a loan backed by the
  Federal Housing Administration and funded by 203k
  mortgage lenders.

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• Repairs That Qualify
• There are two types of FHA 203k Mortgage Loans
• Standard 203k
• Streamlined 203k

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• Standard 203k
• A standard 203k loan is for properties that need
  structural repairs, remodeling, a new garage, or
  landscaping.
• Streamline 203k
• FHA 203k streamline loans are for energy
  conservation improvements, new roofing, new
  appliances, or non-structural repairs such as
  painting.

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• Some of the repairs that an FHA 203k loan may
  cover include
• Plumbing
• Flooring
• Decks
• Patios
• Remodeling of bathrooms and kitchens
• Heating and air conditioning systems

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How a 203k Rehab Loan is Helpful For First Time
Home Buyers

• An FHA 203k Rehab Loan helps a first-time
  homebuyer to purchase, refinance, and repair a
  home that needs to be fixed up before it can be
  occupied. Some of the benefits of an FHA 203k
  loan are
• An appraisal is based on the post-improval value
  of the home
• Low credit score acceptance
• Specially designed for fixer-uppers

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• Requirements for a 203k Rehab Home Loan
• In order to qualify for an FHA 203k Rehab
  Mortgage loan, a first time home buyer must meet
  certain requirements outlined by the Department
  of Housing and Urban Development (HUD).
• These requirements include finding a house that
  needs renovations, finding a qualified lender,
  and meeting the lender's requirements, which
  include minimum credit scores, debt-to-income
  ratios, and proof of income.
• Once your loan is approved, a date will be fixed
  for closing. The home repairs must start within
  30 days of closing and should be completed within
  six months.

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• Read more about 203k Rehab Loan for First-Time
  Home Buyers

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DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]
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