A 203 (k) loan is a program through the FHA (Federal Housing Administration) that allows home buyers to finance up to an additional $35,000 toward their mortgage to improve their home before move-in. The home buyers can quickly and easily use this cash to pay for repairs and improvements. The required repairs or improvements must be identified by a qualified home inspector or FHA appraiser.
What’s great about this program is the contractor will be paid through escrow. The buyer doesn’t have to handle the money and contractor knows they will be paid for work completed. The contractor receives half of the money at close of escrow, and the final half at completion of the project.
All this information was provided by Carol Satcher at New American Mortgage. If you would like more information on this loan program, or Carol’s contact details, please do not hesitate to email me directly at rob@jrobhandley.com. You may also call my office line at the number provided on the website.
Have You Heard Of A 203(k) Loan?
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