This is a great loan product to get your clients a great deal on a home purchase. Every other method of conventional financing does not allow you to buy a home in "non livable" condition. For example you found a great deal on an REO but the kitchen is missing. The buyer will not be able to get conventional or regular FHA financing. They can get an FHA 203K loan that will lend them the money to buy the property and give them the money necessary to put in the kitchen. The down payment is only 3.5%. This means they can finance up to 96.5% of the After Repaired Value. Email me with any questions or scenarios.
1-4 unit Residential Only
Primary Residence Only
640 min fico score
Down payment can be 100% gifted
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