FHA. 203 k. What is it? It is a renovation loan program that permits buyers to finance a home in it’s present as-is condition with low money down. Let’s say you as a buyer want the home but wants to change the cabinets, add new windows or granite counter tops. And you have your cash tied up in the deposit. Use an FHA 203k.
Who is eligible? Only owner occupants. No investors. And what types of properties? Single family homes and townhouse style condos. Now something to avoid is the streamline 203k. There is actually nothing streamlined about it. You will want to have a consultant. I recommend www.acquiredhomeservices.com
Questions. Call me 703-587-0945. Norm