About FHA 203K Renovation Loan
An FHA 203(k) loan is a type of government-insured mortgage that allows the borrower to take out one loan for two purposes: home purchase and home renovation. An FHA 203(k) loan is wrapped around rehabilitation or repairs to a home that will become the mortgagorās primary residence.
Benefits
as low as 3.5% down
FHA fixed rate loan
Minimum credit score 580
Has restrictions on type of improvements
Maximum loan amount $420,680